US DATA: Feb Chicago PM index +3.8 pts to 64.0, a high since Apr’11
and well above the 61 expectation, and the headline was accompanied by
broad strength–in employment (+9.5 to 64.2, a high since May 1984),
production (+4 to 67.8), new orders (+5.6 to 69.2) and backlogs (+5.3 to
53.6). Prices Paid +3.2 to 65.6. Inventories slowed for the 5th month,
-2 to 49.6. Some comments suggest a more cautious interpretation is
warranted– “production is down still”; “We are hoping that the slowdown
in new orders experienced in Dec & Jan is over”; “pricing uptrending in
motors, plastics and rubber-related products”; “While our business is
strong now, some of our customers are slowing down.”