The Chicago Business Barometer or Chicago PMI eked out a gain to 43.8 in March of 2023 from 43.6 in January. High interest rates and inflation continue to drag down the US manufacturing sector. Figures came in higher than market forecasts of consensus 42.5, pointing to some balancing of economic activity in the Chicago region, which extended for a seventh straight month below the 50 threshold indicates economic contraction.
The Chicago PMI is the last of the regional manufacturing indices before the national ISM manufacturing data for March is released next week. It is expected to be the fifth straight month in contraction territory.
United States Chicago PMI March 2023
The Chicago PMI (ISM-Chicago Business Barometer) measures the performance of the manufacturing and non-manufacturing sector in the Chicago region. The Index is computed from five weighted raw indexes: Production (0.25), New Orders (0.35), Order Backlog (0.15), Employment (0.10), and Supplier Deliveries (0.15) and then seasonally adjusted to support month-to-month comparisons.
A reading above 50 indicates an expansion; below 50 represents a contraction, while 50 indicates no change. Chicago PMI is released one day before the ISM Manufacturing Index. This page provides the latest reported value for – United States Chicago PMI – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Chicago PMI – actual data, historical chart and calendar of releases – was last updated on July of 2019.
From the TradersCommunity News Desk