Chicago Factory Index up; consumer confidence plummets
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Manufacturing News, Source : TheManufacturer.com
Published : 05 Feb 2003 21:36
According to the National Association of Purchasing Management’s latest report, the Chicago region’s factory index climbed from 51.7 in December to 56 in January, marking the largest increase since May 2002.
The reading far surpassed analysts’ forecasts of 53.0. A reading over 50 indicates and expanding economy.
In a separate report, the University of Michigan’s consumer sentiment index dropped from 86.7 in December to 82.4 in January, falling closer to the nine-year low of 80.6 hit in October of last year. Analysts’ suspect the drop is a result of concern over war with Iraq and rising unemployment.
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