The Chicago Business Barometer, also known as the Chicago PMI, registered 48.7 in August. That’s the highest reading in a year.
Economists polled by the Wall Street Journal forecast a 44.3 reading in August. It is up from a reading of 42.8 in the prior month.
A number below 50 signifies contraction in activity. The index has been below the 50 threshold for the past year.
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 the last of the regional manufacturing indices before the national ISM data for August is released on Friday.
So far, the regional Fed manufacturing surveys for August have been mixed.
Economists expect the IMF factory index to remain steady at 47 in August. This would be the tenth consecutive month in contraction territory.
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