June Chicago PMI Highest in Over Three Years
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 65.7, a 6.3 point increase from last month's 59.4. Investing.com forecast 58.0.
Here is an excerpt from the press release:
“June’s MNI Chicago Business Barometer Survey is a testament to firms’ expectations of a busy summer. With Production and New Orders touching levels not seen in three years, rising pressure on backlogs and delivery times has led to higher optimism among firms both in general business conditions and the local economy,” 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.