2017 Economic Calendar
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Chicago PMI  
Released On 3/31/2017 9:45:00 AM For Mar, 2017
PriorConsensusConsensus RangeActual
Business Barometer Index - Level57.4 57.0 55.0  to 59.0 57.7 

The Chicago PMI beats the consensus, coming in at a very strong 57.7 vs expectations for 57.0. Production is as strong as it's been for this sample since January last year with new orders rising at a 4-month high.

The sample is building inventories at the fastest rate in 2 years which is contributing to congestion in the supply chain and slowing for deliveries. Pressure on input costs is elevated but steadied during the month. One negative that contrasts with all of the strength is employment which contracted in the month in a reminder that companies are having a hard time finding the right people.

This report falls in line with the breadth of anecdotal data that are signaling a pivot higher for the economy, one however that has yet to appear. Note that respondents in the Chicago sample come from both the manufacturing and non-manufacturing sectors.

Consensus Outlook
New orders were the strength of the Chicago PMI in February which rose sharply to 57.6 from a very soft 50.3 in January. Forecasters, at a consensus 57.0 in March, see the index giving back only a small fraction of its February improvement. Volatility is common for this closely watched index which tracks both the manufacturing and non-manufacturing sectors of the Chicago-area economy.

The Institute For Supply Management - Chicago compiles a survey and a composite diffusion index of business conditions in the Chicago area. Since October 2011, the survey has been conducted by Market News International. Manufacturing and non-manufacturing firms both are surveyed. Hence, it is not directly comparable to pure manufacturing surveys. Readings above 50 indicate an expanding business sector.  Why Investors Care
The ISM-Chicago survey (traditionally and informally called the Chicago PMI) registers manufacturing and non- manufacturing activity in the Chicago region. Investors care about this indicator because the Chicago region somewhat mirrors the nation in its distribution of manufacturing and non- manufacturing activity. Many like to compare the Chicago-PMI with following business day's ISM manufacturing index but they do not always move in tandem since the national ISM is only for manufacturing.
Data Source: Haver Analytics

2017 Release Schedule
Released On: 1/312/283/314/285/316/307/318/319/2910/3111/3012/28
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

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