US DATA: Dec Chicago PM index 62.5 vs 62.6 Nov, slightly better
than expected. Production (66.2 vs 67.3) and new orders (68.0 vs 70.2)
edged off Nov’s highs; Employment 58.6 vs 56.9, in a rebound. Prices
paid 65.7 vs 60.2. Comments: “It appears to be a good close to an up and
down year. Supply issues encountered earlier in the year seem to have
been resolved. After peaking mid-year most of our raw materials pricing
has returned to December 2010 levels. Hope 2012 is the year things turn
around but, got to be prepared for anything as the last few years have
shown that anything is possible. Our backlog remains solid with several
new orders still pending. Supplier capacities continue to be an issue.
The lack of capacity is restraining sales. Overall prices have eased and
continue to ease. A few commodities are still turbulent, yet general
picture looks very strong for lower costs in 2012. We see signs
of increased borrowing from our small business clients.”