The Chicago Business Barometer improved from 66.1 to 73.4
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 63.0 to 70.9 (consensus 66.1). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, jumped to 73.4 in July, both a two-month high and the second highest pandemic-era reading. Demand is strong but firms remain concerned about supply chain disruptions and rising prices. Among the main five indicators, Production saw the largest increase, followed by New Orders, while Supplier Deliveries remained unchanged. Production saw the biggest gain in July, up 8.8 points, as demand remained high and some firms benefited from supply chain issues. The index now stands at a two-month high. New Orders increased 5.4 points, signalling strong 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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