Chicago PMI Up in April, Highest Since January 2015
The Chicago Business Barometer, also known as the Chicago Purchasing Manager's Index, is similar to the national ISM Manufacturing indicator but at a regional level and is seen by many as an indicator of the larger US economy. It is a composite diffusion indicator, made up of production, new orders, order backlogs, employment, and supplier deliveries compiled through surveys. Values above 50.0 indicate expanding manufacturing activity.
The latest report for Chicago PMI came in at 58.3, a 0.6 point increase from last month's 57.7. Investing.com forecast 56.4.
Here is an excerpt from the press release:
“The April Chicago report showcased another impressive month, with firms reporting solid growth. Rising demand and firm production led to a pick-up in hiring by firms. Although the employment indicator has been bumpy, in and out of contraction, if the current month’s rise is sustained, it could provide a boost to the labor market,” said Shaily Mittal, senior economist at MNI Indicators. [Source]
Let's take a look at the Chicago PMI since its inception.
Here's a closer look at the indicator since 2000.