The Chicago Business Barometer declined from 63.8 to 59.5
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 58.0 to 63.0 (consensus 61.0). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, fell 4.3 points to 59.5 in February. The downtick comes after a sharp increase in the previous month, when the index rose to a 2.5-year high. Among the main five indicators, New Orders saw the largest monthly decline, followed by Production. Employment recorded the biggest gain. Demand eased markedly in February with New Orders dropping 11 points, its lowest level since August 2020. Similarly, Production shed 9.3 points, following two consecutive months of gains. Anecdotal evidence provides a mixed picture, with some firms experiencing a downturn due to the pandemic, while others report strong consumer demand.
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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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