Chicago PMI A Big Upside Surprise

Chuicago PMI was released, showing a strong gain of 66.2 versus expectations of only 60. This marked the highest reading since October, 2013 and is in sharp contrast to the Markit PMI from three days ago that printed at a 3 month low. Last month's Chicago PMI came in at 60.5. Some notable takeaways: -Employment came in at 60.2, the highest since November, 2013. -New orders 73.6, versus 60 last month -Prices Paid and Inventory fell compared to last month The report also shows that business activity has been positve for 12 months over the past year. S&P 500 futures pared some of their gains after the report, dropping from 2010 to 2008 on the news.