Chicago-area business conditions improved ”dramatically” in November from October, according to the monthly survey by the Purchasing Management Association of Chicago.
The survey, based on a poll of 200 Chicago-area purchasing managers, showed that the fourth quarter`s economy is picking up steam after a slow start in October.
In November, new orders and production rose sharply; order backlog and prices stablized; and inventory reduction continued as deliveries remained strong.
The association`s ”business barometer” index climbed from 46.9 in October to 54.1 in November. A ranking of 50 is considerded neutral, with higher numbers bullish and lower numbers bearish.
The November barometer also was above the 51.4 mark reached in November, 1984.
John Pressley, executive director of the association, said an October spurt in new orders was especially significant.
