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Chicago PMI has another strong reading in October
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Index slips to 61.1 from 62.4 in September
United Auto Workers members leave the Fiat Chrysler Automobiles Warren Truck Plant after the first work shift earlier this year.
Gregory Shamus/Getty Images
A measure of business conditions in the Chicago region had a second straight strong reading in October.
While the Chicago PMI inched down to 61.1 in October, it remained quite close to the near-two-year-high of 62.4 reached in the prior month.
The Chicago PMI is the last of the regional manufacturing indices before the national ISM factory data for October is released on Monday. Other regional manufacturing surveys had strong readings in October.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, said consumers are awash with cash and treating themselves to manufacturing goods while at the same time avoiding the in-person service sector due to the coronavirus.
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