· The decline ran counter to the moderate improvement in the Philadelphia Fed and the Empire State Surveys for December.

· Over the last ten years there has been an 86% correlation between the Chicago PMI and the ISM Composite Index. That is higher than a 71% correlation between the Philadelphia Fed General Activity Index and the ISM Composite, to be released Thursday. 

· The indexes of new orders, inventories and production fell, but employment rose and order backlogs.

· The prices paid index rose and recouped all of the November decline. 

· Visit the Chicago Purchasing Managers website at www.napm-chicago.org.

Dec

Nov

Y/Y

2001

2000

1999

· Sales in November were up 6.9% versus last December. During the first eleven months of 2002 sales were up 5.3% versus 2001. 

· Home sales fell in each of the country's regions except the West where they were unchanged. 

· The median price of an existing home rose 1.3% to $161,400 (9.7% y/y).

· The figures reflect closings of past home sales.

· The average rate on a conventional 30-year mortgage fell slightly last month versus October to 6.07%. The decline this year in mortgage rates has combined with strong growth in disposable income to offset higher home prices and thus raise home affordability.

Nov

Oct

Y/Y

2001

2000

1999