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- Chicago business activity’s growth accelerates more than forecast in March
Chicago business activity’s growth accelerates more than forecast in March
MNI Indicators’
report revealed on Wednesday that business activity in Chicago expanded in
March, recording its ninth straight month of growth.
The MNI Chicago
Business Barometer, also known as Chicago purchasing manager's index (PMI) came
in at 66.3 in March, up from an unrevised 59.5 in February. This was the highest reading since
July 2018.
Economists had
forecast the index to increase to 60.7.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, Production (+10.1 points, to a three-year high) recorded the largest
gain in March. New Orders (+7.1 points) and Inventories (+5.1 points) also
posted advances. In addition, Employment (+5.5 points) shifted into expansion
territory in March, posting its first reading above 50 since June 2019. At the
same time, Order Backlogs (-6 points) was the only major category to fall in March.
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