The Chicago Business Barometer declined from 62.4 to 61.1.
Analyst Opinion of Chicago PMI
The Fed manufacturing surveys were all in expansion this month
Expectations this month from Econoday were 56.9 to 62.6 (consensus 58.0). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, eased to 61.1 in October, edging lower after a sharp increase in September. However, it still marks the fourth consecutive reading above the 50-mark after sitting below it for a year. Among the five main indicators, New Orders was the only category to show a monthly uptick, while Production recorded the largest decline. Demand picked up modestly in October with New Orders rising 0.2 points, its highest level since November 2018. Production saw the largest fall, falling 5.9 points. Anecdotal evidence provided mixed signals, with some firms noting a drop in demand, while others saw a stable level of orders and production or a gradual improvement in business activity.
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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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