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Chicago PMI rises unexpectedly in November

Published 11/30/2010, 09:55 AM
Investing.com – Manufacturing activity in the Chicago area increased unexpectedly in November, expanding for the fourteenth consecutive month, industry data showed on Tuesday.

In a report, market research group Kingsbury International said that its Chicago purchasing managers’ index rose to a seasonally adjusted 62.5 in November, up from 60.6 in October.

Analysts had expected the index to decline to 59.8 in November.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 0.99% to hit 1.2995.

Meanwhile, U.S. stock markets were broadly lower: the Dow Jones Industrial Average tumbled 0.74%; the S&P 500 index plunged 0.91%, while the Nasdaq Composite index plummeted 1.37%.

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