Chicago PMI Surges 6 Points in March

Input prices rose slightly, attributed to an increase in oil prices, but remained in contraction for the eighth consecutive month.

Barometer panelists were optimistic that future orders will increase over the next three months.

The Chicago PMI has been volatile in recent months and the growth trend has been weak. During fourth quarter 2015 and into 2016, an increase in the PMI has generally been followed by a decline in the index the next month.

Chief Economist of MNI Indicators Philip Uglow said, “The most significant result from the March survey is the pick-up in the Employment component which has remained weak for much of the past year. Looking through some of the recent volatility, the data are consistent with steady, not spectacular, economic growth in the US.”

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