High interest rates and inflation continue to drag down the US manufacturing sector. The Chicago Business Barometer or Chicago PMI fell for a second consecutive month to 43.6 in February of 2023 from 44.3 in January. Figures came in lower than market forecasts of 45, pointing to another contraction in economic activity in the Chicago region, which extended for a sixth 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 February is released Wednesday. Economists expect the ISM factory index to inch up to 47.6% from 47.4%. That would be the fourth straight month in contraction territory.
United States Chicago PMI February 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