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US: Chicago PMI points to continued expansion – Nomura

Analysts at Nomura point out that in the US, the Chicago PMI for October came in at 58.4, below expectations (Nomura and Consensus: 60), down from 60.4 in September.

Key Quotes

“Despite some easing, the index remains at an elevated level and suggests continued expansion. Note that we expect some moderation in the ISM manufacturing index.”

“The production index increased in October, suggesting improvement in output. However, the new orders and order backlogs indices eased somewhat and indicate some downside risk to production ahead.”

“The employment index improved further, signaling elevated hiring activity. The prices paid index fell notably in October and points to easing of input cost pressure.”