Chicago PMI edges lower in August
By Michele Maatouk
Date: Friday 28 Aug 2020
(Sharecast News) - Economic activity in the Chicago area deteriorated a touch in August but remained in expansion mode, according to figures released on Friday.
The MNI Chicago business barometer edged down to 51.2 from 51.9 in July, missing expectations for a reading of 52.6
This was the second month in a row that the barometer was above the 50 mark that separates contraction from expansion, having sat below it for a full year, with firms saying that business activity picked up further in August.
Among the five main indicators, order backlogs was the only category to show a monthly decline, while supplier deliveries recorded the largest gain.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the manufacturing upturn appears to have peaked, for now.
"The regional surveys for August are mixed, with the Chicago PMI, the Philly Fed and the Empire State indexes falling, while the Richmond and Kansas City Fed indexes rose; the Dallas Fed and Milwaukee PMIs have not yet been released.
"Our take on the numbers so far overall is that they point to a modest dip in the national ISM manufacturing index, which will be reported Tuesday. Manufacturing is still recovering, but the pace of the upswing appears to have peaked, at least for now."
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