Chicago PMI up to 65.7 in June

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Friday, Jun 30 2017

Chicago PMI up to 65.7 in June

The MNI Chicago Business Barometer rose to 65.7 in June from 59.4 in May, the highest level in over three years. Optimism among firms about business conditions rose for the fifth consecutive month. Four of the five Barometer components led June’s increase, with only Employment falling, albeit slightly. Successive rises in the barometer left the Q2 calendar quarter average at 61.1, significantly above Q1’s 55.1, and the highest level since Q2 2014.

Demand accelerated in June, offsetting the loss witnessed in the previous month. New orders rose by 10.5 points to 71.9 in June, the highest level since May 2014. In line with growing demand, Production strengthened. The indicator was up 4.5 points to 67.7 from 63.2 in May. Order Backlogs grew significantly in June, to a level not seen since July 1994, after jumping out of contractionary territory last month. In Q2, backlogs averaged 52.5, after contracting for nine consecutive quarters. Suppliers took longer to deliver key inputs, with the respective indicator at 62.8, the highest since June 2011.

More in this category: « Eurozone CPI increased by 1.3% USD - Major events in the week ahead »

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