US: Expect the Chicago PMI to have increased to 59.0 in March - Nomura

Analysts at Nomura explain that the headline Chicago PMI index was at 57.4 in February, up from 50.3 in January but strong readings from other regional manufacturing surveys suggest continued optimism in March.

Key Quotes

“Both the Empire State manufacturing survey and the Philly Fed survey remained highly elevated this month, suggesting continued optimism regarding current and near-term conditions. A strong reading in February’s employment report for manufacturing, with broad-based increases in hiring across manufacturing subsectors, indicate possible strength in the sector. Therefore, we expect the Chicago PMI to have increased to 59.0 in March (Consensus: 56.9).”