The latest Chicago Purchasing Manager's Index, or the Chicago Business Barometer, rose to 44.9 in December from 37.2 in November, which is still in contraction territory. It has spent 1/3 of 2022 in contraction territory. Values above 50.0 indicate expanding manufacturing activity.

Let's take a look at the Chicago PMI since its inception.

Here's a closer look at the indicator since 2000.

Let's compare the Chicago PMI with the more popular national ISM Manufacturing Index. Both indices clearly follow one another with the ISM falling slightly lower on average. Note the ISM Manufacturing indicator is through the previous month.

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