Chicago PMI Back In Positive Territory For April

The Chicago PMI jumped in April to a reading of 52.3 from 46.3 in March, to return above the 50-mark signaling expansion. A double-digit gain in the new orders component led to the advance. "The bounce back in activity at the start of Q2 is consistent with a resumption of normal activity following the poor weather and port strikes earlier in the year. In percentage terms, the April jump is similar to last year, although the level of activity is lower overall," said MNI Indicators Chief Economist Philip Uglow in a statement. The Chicago PMI is the last of the regional indicators before the Institute for Supply Management's national gauge, which is due for release on Friday.