Unmatched Month To Month Volatility In Chicago PMI

The headline reading for the Chicago PMI blew away consensus expectations for August. Expectations were for the index to rise to 56.4 and the actual data point came in at 64.3. This is after the headline came well below in expectations in July. The series dropped by 10.04 from June to July. Now, the series rose by 11.73 from July to August. This two month swing is the most volatile two month move ever going back to 1967.