The Chicago Business Barometer improved and remains firmly in positive territory.
Analyst Opinion of Chicago PMI
The results of this survey continue to correlate to district Federal Reserve manufacturing surveys – and generallly aligns with the overall trend of the ISM manufacturing survey.
Expections this month from Nasdaq / Econoday were 58.6 to 63.0 (consensus 60.1) with the actual at 64.1. A number below 50 indicates contraction. Jamie Satchi, economist at MNI Indicators stated,
Stronger outturns in May and June left the MNI Chicago Business Barometer broadly unchanged in Q2, running at a pace similar to that seen throughout 2017. While impressive, supply-side frustrations are undermining firms’ productive capacity. Confusion surrounding the trade landscape continues to breed uncertainty among businesses and their suppliers and has led to many firms’ altering their immediate purchasing decisions
The MNI Chicago Business Barometer rose 1.4 points to 64.1 in June, up from 62.7 in May, hitting the highest level since January. Business activity expanded at a faster pace in June, with firms’ operations up for a third consecutive month. Four of the five Barometer components strengthened on the month, leaving the Barometer up 0.8% on the year. Partially spurring the Barometer’s rise was a pick up in orders, up for a second straight month to a five-month high. Offsetting this was a slight fall in output growth. Production lost ground for the fourth time since peaking in December, with firms stifled by issues higher up in the supply chain.
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The Chicago ISM is important as it is a window into the national ISM reports which will be issued shortly. When you compare the graph below of the ISM Manufacturing Index against the Chicago PMI (graph above) – there is a general correlation in trends, but not necessarily correlation in values.
source and read the full report: Chicago PMI
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