Highlights
A "W" recession is what the Chicago purchasers report is pointing to as the headline index came in at a much weaker-than-expected 34.9, a reading well below 50 to indicate significant month-to-month contraction in business activity. New orders, always the key index, fell nearly 5 points to 37.3. Backlog orders fell nearly 11 points to a very depressed 26.3. Businesses, facing declining orders, continue to draw down inventories as much as possible with the index at 31.5. Job cuts are deeper than ever with the employment index down nearly 7 points to 25.0. Despite increases in energy and commodity prices, purchasers continue to report significant month-to-month declines in input prices with the index at 29.8. This report has a thin sample and a sample that includes both manufacturers and non-manufacturers. But its results are clear and do point to disappointing reversals in next week's national purchaser reports from the ISM. Stocks fell back in immediate reaction to today's report.

Market Consensus before announcement
The Chicago PMI Business Barometer in April jumped nearly 10 points to 40.1. While the latest reading was still sub-50 and indicating contraction, it at least showed that the rate of decline has eased. Looking ahead, we may see further but incremental improvement as April's new orders index jumped more than 11 points to 42.1

2009 Release Schedule

Released On: 1/30 2/27 3/31 4/30 5/29 6/30 7/31 8/31 9/30 10/30 11/30 12/30 Release For: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec