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Chicago PMI expected to have dipped in November to 54.0 after soaring in October

FXStreet (Mumbai) - The Econoday forecast expects Chicago PMI to drop to 54.0 in November from October's 56.2. Bloomberg echoes this forecast. This indicator had fallen to alarmingly low levels in the beginning of 2015. It has however picked up as the year progressed. Strong gains in new orders and production prompted gains to pick up.

The Chicago PMI figure in October had soared as components for new orders and production posted the best figures of 2015. Production was noted to have surged nearly 20 points in October. Orders can be expected to continue to pick up.

The Institute For Supply Management - Chicago compiles a survey of both manufacturing and non-manufacturing firms in the Chicago area. Readings above 50 per cent signifies an expanding business sector. This index is not directly comparable to manufacturing surveys.

Investors watch out for this data as the distribution of manufacturing and non-manufacturing activity dominant in Chicago is in numerous ways similar to the overall trend in the country. It is not deemed to proper to compare Chicago-PMI with the ISM manufacturing index since the national ISM is only for manufacturing.

Pending Home Sale and Dallas Fed Manufacturing Activity for November will also be released to and is expected to come in at 1.0% month on month and -10 respectively.

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