The Chicago Business Barometer improved from 72.1 to 75.2
Analyst Opinion of Chicago PMI
The Fed manufacturing surveys were all in expansion this month were generally about the same as the previous month.
Expectations this month from Econoday were 68.0 to 71.8 (consensus 70.0). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, jumped to 75.2 in May, the highest level since November 1973. Demand provided a boost to business activity, but supply chain constraints remain. Among the main five indicators, New Orders and Order Backlogs saw the largest gains, while Employment recorded the only decline. Demand remained strong in May with New Orders jumping to the highest level since December 1983. The index gained 7.7 points in May, while Production slowed 2.3 points. Anecdotal evidence signals strong consumer demand, partly due to the fear of raw material unavailability.
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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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