Friday bonus - Chicago ISM - revised downward - opps!

From the WSJ

* DECEMBER 31, 2009, 12:41 P.M. ET

UPDATE: Revisions Show Chicago PMI At 58.7 In December

CHICAGO (Dow Jones)--The Institute for Supply Management-Chicago on Thursday released recalculations of the seasonal factors for the components of its headline business barometer. The new data, also known as the PMI, show Chicago business activity was weaker in December than had been reported Wednesday.

The recalculated business barometer for December stands at 58.7 and the November reading is at 55.5. The data originally showed the December barometer at 60.0 and November's at 56.1.

Readings above 50 indicate economic expansion.

The Chicago ISM typically publishes the new seasonal factors in mid-January.

"With the economy in a tender position, we felt obligated to get the data out sooner," says Jack Bishop of Kingsbury International, which compiles the survey for ISM-Chicago. The re-estimation keeps the trough of the recent recession at March 2009, when the barometer fell to 32.7 versus the 31.4 reported earlier.

For December, the largest downward recalculation was in the employment index. The reading is now 47.6 compared with the 51.2 reported Wednesday.

In addition to offering a snapshot on current economic conditions, the business barometer is scrutinized because it closely precedes release of the nationwide Institute for Supply Management's index on manufacturing activity.

The December U.S. ISM index is set for release Monday at 10 a.m. EST (1500 GMT).

Next month's Chicago business barometer is scheduled to be released on Jan. 29 at 9:45 a.m. EST.

-By Howard Packowitz, Dow Jones Newswires; 312-750-4132; howard.packowitz@dowjones.com.

(Kathleen Madigan contributed to this article.)