Friday, October 23, 2020

Tag: Chicago PMI in Steep Contraction Plunging to Worst Reading in 4.5 Years

Chicago PMI in Steep Contraction Plunging to Worst Reading in 4.5 Years

by Mish Shedlock, The Maven:

The Chicago PMI went into contraction last month and took a dive to 44.4 in July. Readings below 50 are negative.

Economists expected a rise back into positive territory this month but ISM Chicago notes the Chicago Business Barometer™ Softens to 44.4 in July.

Key Points

  • Four of the five components were in contraction territory this month, with only Supplier Deliveries above 50. The weakness in the Barometer observed in Q2 continued into the current quarter, with the latest outturn making it the weakest start to Q3 since 2009.