Wednesday, February 28, 2007

Chicago Manufacturing Further Contracts

DJ * US Chicago Purch Mgmt Adj Feb Index 47.9 Vs Jan 48.8 Dow Jones

This data is not enough to get in the way of the modest little stock rebound that's underway, but certainly something for the bears to tuck under their hats. Manufacturing is clearly in trouble and that's bad given the troubles in housing and autos. Any reading below 50 on this diffusion index indicates contraction.

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