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Chicago PMI perks up on orders
A Midwest manufacturing index of Chicago manufacturing rose 2.4 points to 62.9 in Oct., its highest since July. Economists expected a drop to 57.4. A reading over 50 indicates growth. The Nat'l Assoc. of Purchasing Management-Chicago's jobs index rose 6% to 51.3 while the new orders gauge jumped 14.5% to 72.6, the highest since March. Prices paid gained on higher energy prices.
** New York business activity fell 0.1% in Oct. from an upwardly revised Sept. reading, reversing 3 straight monthly advances, said NAPM-New York.
** Caterpillar CEO Jim Owens expects the Fed won't hike interest rates beyond 5%. If the Fed "overcorrects" by raising rates too high, trucks and housing would be the 1st industries to be affected, he said.
Japan sees March deflation end
The Bank of Japan expects consumer prices to rise 0.1% in its fiscal year ending in March, marking an end to the growth-damping deflation of the past 7 years. The BoJ sees core prices excluding food rising 0.5%, ...