Update: Chicago PMI Corrected, Now Shows Increase for May
posted by Michael Lewis on May 31, 2017
This switch adds some modest upside risk to our forecast for a 54.5 national PMI in tomorrow's report, but our overall analysis stands. The economy is continuing to show healthy expansion.
Shortly after FMI transmitted our analysis this morning, ISM-Chicago corrected their May report, changing the Chicago PMI from 55.2 to 59.4. Thus, instead of dropping -3 points this month, the index firmed a point, reaching a 2.5-year high.