The Chicago Business Barometer declined 12.4 points to 35.4
Analyst Opinion of Chicago PMI
The Fed manufacturing surveys were in contraction this month because of the coronavirus impacts.
Expectations this month from Econoday were 29.8 to 42.0 (consensus 40.0). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, fell 12.4 points in April to its lowest level since March 2009 as business confidence dipped sharply amid the current spread of COVID-19. Among the main five indicators, New Orders and Production registered the steepest declines, while Supplier Deliveries surged. Production dropped by 19 points in April, hitting the lowest level since June 1980. After slipping in March, demand faded to a near 40-year low. April’s 21-point drop in New Orders was the largest decline on record as firms noted a severe negative COVID-19 impact on both demand and production.
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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.
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source and read the full report: Chicago PMI
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