Economy
Chicago Business Barometer Adjusted Lower
Written by Sandy Williams
January 25, 2019
The Chicago Business Barometer for December was revised downward to 63.8 from 65.4 following annual seasonal adjustments.
The changes resulted in higher growth for first and second quarter, no change in third quarter, but a downward revision for the fourth quarter. The results indicate a cooling of growth at the end of 2018, said MNI Indicators.
Results for November saw the biggest change, with the Barometer falling 2.9 points to 63.5 from 66.4.
Said MNI Indicators in a press release: “Of the five components that make up the headline Barometer, it was Order Backlogs that saw the biggest downward revision over H2 2018, revised down by 1.1 points. Production and New Orders were also revised down over the second half of 2018, both by 0.7 points. Employment and Supplier Deliveries were revised higher over the second half, by 0.1 and 0.3 points respectively. Inventories, which does not contribute to the Barometer, was revised higher by 0.3 points over H2 2018, but lower by 0.1 points over 2018.”
Tariffs were cited for causing higher input prices and restraining business activity in December.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel exports recovered in May but still historically low
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
AISI: Raw steel production ticks up near recent high
The volume of raw steel produced by US mills inched higher last week, according to the American Iron and Steel Institute (AISI). After steadily increasing in April and May, domestic mill output stabilized in early June and has remained historically strong since.
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.