BLBG: Chicago Purchasing Managers Index Increases More Than Estimated to 62.5
Businesses in the U.S. expanded at a faster pace than forecast in November, signaling the world’s largest economy was speeding up heading into 2011.
The Institute for Supply Management-Chicago Inc. said today its business barometer rose to 62.5 this month, highest since April, from 60.6 in October. Figures greater than 50 signal expansion.
The median forecast of 63 economists surveyed by Bloomberg News projected the gauge would fall to 59.9. Estimates ranged from 55 to 62.1.
Another report showed home prices in 20 cities rose in September at the slowest pace in eight months, showing the latest slump in sales is destabilizing housing.
The S&P/Case-Shiller index of property values climbed 0.6 percent from September 2009, the smallest gain since January, the last time prices declined year over year. The increase was smaller than the 1 percent median forecast in a Bloomberg News survey of economists.
To contact the reporters on this story: Bob Willis in Washington bwillis@bloomberg.net;
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net.
