US: Rapid revisions in data – ANZ

Analysts at ANZ point out that the Chicago PMI threw traders for a loop today after initially being reported at 55.2 (mkt: 57.0; last: 58.3) with all underlying indicators reportedly lower.

Key Quotes

“After, about 1.5 hours it was subsequently revised to 59.4 with production and employment rising at a faster pace in May. The index is now at the highest level since November 2014. Elsewhere, pending home sales disappointed, falling 1.3% m/m in April, while the Fed Beige Book was little changed.”