The Chicago Business Barometer declined from 61.1 to 58.2.
Analyst Opinion of Chicago PMI
The Fed manufacturing surveys were all in expansion this month but were generally weaker than the previous month.
Expectations this month from Econoday were 58.2 to 62.4 (consensus 59.2). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, slipped to 58.2 in November. The index now stands at the lowest level since August but remains in expansion. Among the main five indicators, New Orders and Production posted the only declines, while Supplier Deliveries saw the largest gain. Demand cooled in November with New Orders dropping by 5.0 points to its lowest level since August. New Orders fell for the first time since May, while Production dipped 1.2 points. Some companies reported an uptick in demand, although order levels remain below pre-crisis levels. Others noted stagnant demand and adjusted production due to Covid-19. The Backlog of work edged up marginally by 0.9 points in November, marking a third consecutive reading above the 50-mark.
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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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