Chicago business-activity index weakens to lowest level in four years
By Greg Robb
Index drops to 35.4, well below 40.8 expected
The Chicago Business Barometer, also known as the Chicago PMI, fell to 35.4 in May from 37.9 in April. It is the lowest level since the pandemic in May 2020.
The reading was well below expectations. Economists polled by the Wall Street Journal forecast a 40.8 reading.
This is the sixth consecutive reading in contraction territory.
The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern.
It is one of the last of the regional manufacturing indices before the key national ISM manufacturing survey for May is released Monday.
Other regional Fed manufacturing surveys for May have shown some improvement, economists said.
-Greg Robb
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05-31-24 0953ET
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