Economy

Chicago Business Barometer Takes Big Slide in February
Written by Sandy Williams
March 1, 2015
The Chicago Business Barometer fell to a five and one-half year low in February. The MNI Indicators survey of purchasing and supply professionals plunged 13.6 points to 45.8 in February. It was the first contraction of the Barometer since April 2013 and the lowest level since July 2009.
The West Coast port slowdown and frigid blizzard conditions on the East Coast negatively impacted supplier deliveries, the only component of the Barometer to rise in February.
Double digit decline was recorded in orders, production, backlogs and employment, placing all the components below the 50 neutral point on the Barometer. New orders were at their lowest point since 2009. Employment slid from a 14 month high in January.
Inventories continue to contract after falling 15 points in January, but at a slower pace. The inventory drawdown was planned, according to purchasers surveyed, and levels are expected to pick up as warmer weather returns. Price pressure was still evident in February.
“It’s too early to conclude that February represents a change in the relatively strong trend seen recently. Nonetheless, the weakness in the Barometer points to softer GDP growth over the first quarter than previously expected,” commented MNI Indicators.

Sandy Williams
Read more from Sandy WilliamsLatest in Economy

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.