September Chicago PMI Rose Sharply, Highest in 3 Months
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 65.2, up from 58.9 last month. Investing.com forecast 58.5.
Here is an excerpt from the press release:
“The strong outturn in September means that on a quarterly basis business activity was broadly unchanged from an already impressive Q2. Looking forward, firms are on record expecting a busy Q4 despite disruptions caused by the recent storms, with just a handful expecting delivery times to lengthen between October through December,” said Jamie Satchi, 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.