November 2019 Chicago Purchasing Managers Barometer Improves But Remains In Contraction
The Chicago Business Barometer rose 3.1 points to 46.3 and remains in contraction.
Analyst Opinion of Chicago PMI
The Fed manufacturing surveys were little changed this month showing little growth - and the Chicago Fed is consistent with the other surveys.
Expectations this month from Econoday were 44.4 to 50.0 (consensus 46.0). A number below 50 indicates contraction.
The Chicago Business BarometerTM, produced with MNI, rose 3.1 points in November, hitting a two-month high 46.3. However, the index remains in contraction for the third month straight, resulting in a further fall of the 3-month average to 45.5. The New Orders and Order Backlogs indices saw the largest monthly improvements in November, while Supplier Deliveries revealed the largest fall. Production slipped to 42.3 in November after October's uptick. However, demand improved significantly, indicated by New Orders which rose by 12.5 points to 49.4, just a touch below the 50-mark. There was, though, anecdotal evidence of firms being concerned about the outlook due to wider economic issues.
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The Chicago ISM is important as it is a window into the national ISM reports which will be issued shortly. When you compare the graph below of the ISM Manufacturing Index against the Chicago PMI (graph above) - there is a general correlation in trends, but not necessarily correlation in values.
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source and read the full report: Chicago PMI
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