Economy
Chicago Business Activity Expands in September
Written by Sandy Williams
October 1, 2020
Business activity in the Chicago area surged in September, expanding for the third month in a row. The MNI Chicago Business Barometer soared 11.2 points to 62.4, its highest level since December 2018. Business sentiment jumped sharply to 55.2, its best performance since Q1 2019.
Production jumped 16 points, nearing a two-year high, while demand picked up 22 points for the highest new orders reading since November 2018. Order backlogs rose 14.4 percent and supplier deliveries gained 2.8 points. Inventories were at a four-month high, but still mired below the 50-mark.
Employment rose in September, but firms continued to report additional layoffs.
Prices during the month increased at the factory gate, jumping 9.7 percent. Costs rose for raw materials, cleaning supplies and PPE.
A majority of respondents, 52.2 percent, reported an increase in business costs during the pandemic, 13 percent saw costs go down, and over one-third said there were no changes to expenses during the crisis.
Below is a graph showing the history of the Chicago Business Barometer. You will need to view the graph on our website to use its interactive features; you can do so by clicking here. If you need assistance logging in to or navigating the website, please contact us at info@SteelMarketUpdate.com.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Housing starts slide in August, but interest rate cut should help
Housing starts slowed in the US in August as affordability challenges and cautious builder sentiment weighed on new construction activity.
Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]
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.