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Factories In Chicago Surprisingly Strong: Index At 1988 High; Bullish In The Battleground?; But one sentiment gauge is revised sharply lower; inflation data are mixed.(A)
Byline: ED CARSON
Chicago-area factories expanded at the fastest pace in 16 years in May even as a consumer sentiment gauge showed a sharp decline late in the month.
The Chicago purchasers index jumped 4.1 points in May to 68, the highest since January 1988, NAPM-Chicago said Friday.
Economists expected a slight decline. Readings over 50 signal growth.
The report showed broad-based strength. The new orders index surged 9.3 points to 74.4, a 20-year high.
"The numbers are very strong and supportive of the view that manufacturing is on fire," said Ken Mayland, chief economist at ClearView Economics in Cleveland. "We're at the point where we're starting to get substantial jobs in manufacturing."
He noted the jobs index rose 3.9 points in May to 54.8, matching the highest level since 1999.
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