The Chicago Business Barometer improved from 59.5 to 66.3
Analyst Opinion of Chicago PMI
The Fed manufacturing surveys were all in expansion this month were were generally stronger than the previous month.
Expectations this month from Econoday were 59.8 to 61.5 (consensus 60.3). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, rose to 66.3 in March, the highest level since July 2018. Through Q1 the index gained 4.4 points to 63.2, the strongest reading since Q3 2018. Among the main five indicators, Production saw the largest gain, while Order Backlogs saw the biggest drop. Production jumped 10.1 points in March and now stands at a 3-year high, while production increased to 68.4 in Q1, its highest level since Q4 2017. New Orders increased 7.1 points in March, while the quarterly index improved to 61.3 in Q1. Companies were optimistic in March and noted that business is picking up. Order Backlogs was the only major category to fall in March, down 6 points. However, over Q1 the index rose to 60, its highest level since Q3 2018.
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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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