CHICAGO BUSINESS CONDITIONS BEAT EXPECTATIONS

Chicago business conditions, as measured by the Institute for Supply Management’s purchasing manager’s index, came in at 63.

Expectations were for 57, from 55.9.

New orders and production expanded to their highest levels since October. Employment rebounded. ISM economist Philip Uglow:

Last month’s downturn appears to have been a blip with the Barometer increasing sharply in April to the highest since October 2013. Looking at both March and April in aggregate leaves the pace of growth steady at around the 60 mark, which chimes with continued growth in the US economy.

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We’ve had a busy data morning Wednesday, with some very muddled prints. ADP private payrolls beat expectations, but GDP hit a mere 0.1%.

Here’s what Chicago PMI has looked like recently:

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