2017 Economic Calendar
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Chicago PMI  
Released On 11/30/2017 9:45:00 AM For Nov, 2017
PriorConsensusConsensus RangeActual
Business Barometer Index - Level66.2 63.5 61.0  to 66.5 63.9 

Overall economic growth remains steady at robust levels among Chicago's sample where the PMI, at a slightly higher-than-expected 63.9 in November, has posted its third straight plus 60 score. This is the best streak for this index in 3-1/2 years.

New orders slowed this month but remain very strong while backlogs, after hitting a 43-year high in October, also eased but also remain strong. Delivery delays, tied to the hurricane season, have been clearing up in most reports but not this one where deliveries slowed the most in 13 years. This is symptom of overheating that is likely tied to holiday congestion in the supply chain and underscores the strength of demand. Inventories rose and input costs remain elevated, also consistent with supply chain constraints.

Employment has not been strong in this report due to the lack of available workers, another symptom of overheating also evident in yesterday's Beige Book. The regional reports have been strong all year with some, at times, running too hot. This survey tracks both the manufacturing and non-manufacturing sectors of the Chicago economy.

Consensus Outlook
No regional report has been stronger than the Chicago PMI which, at 66.2 and 65.2 in October and September, appears to be at risk of overheating. The one weakness in October was hiring which was down, not because of demand, but due to a lack of available labor to employ. For November, forecasters are calling for only limited slowing, to a still 60-plus consensus at 63.5.

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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