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May 31, 2017 By Peter Boockvar

New Chicago mfr’g press release finally out


 

It hit the tape about an hour ago but Chicago MNI finally released the new press release after they screwed up its first release of its May monthly manufacturing index. Instead of falling as first reported, it rose 1.1 pts to 59.4, the best since November 2014. New orders were down by 4.5 pts to 61.4 but the backward looking production component was up. Backlogs finally got back above 50 after 5 months below. Inventories were higher by 2.2 pts to 55.5. The employment component was up by 3.3 pts but “panelists reported a rise in temp hires and cut down of executive level positions to manage costs.” Prices pressures softened for a 3rd straight month. Overall, the year to date average is 56.6 which is well below the 51.8 print pre election back in October.

I haven’t seen an explanation for the problem at MNI but notwithstanding the Chicago uptick the bottom line is still the same in that the regional manufacturing surveys have provided us with a pretty mixed bag of data where the ISM national number tomorrow is expected to fall a touch to the lowest since December (but the estimate might change a hair after the new Chicago print). As seen in the chart below, you can see how volatile this index has now become.

image003(13)

Filed Under: Latest Data

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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