Chicago Business Barometer soars in May

The Chicago Business Barometer increased in May after easing the two previous months.

The Barometer rose 13.5 points from April to 62.7 this month, according to the latest report from Market News International (MNI) and the Institute for Supply Management (ISM).

It’s now at its highest point since January 2022, and back in expansionary territory after one month below the neutral 50 mark.

The Barometer is a diffusion index. Readings above 50 indicate improving business conditions. Those below 50 indicate contraction.

This month’s increase was attributed to a rise in new orders, production, order backlogs, and supplier deliveries. However, a decline in employment marginally offset the hike.

The jump represents the second-largest monthly increase since the Barometer began back in February 1967. Only July 2020 saw a larger monthly spike.

The Barometer surveys purchasing and supply management professionals in the Chicago area each month to gauge company-level business conditions. The survey ran from May 1-14.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Ethan Bernard

Latest in Market Data

Rig counts move higher in US and Canada, led by oil drilling

CRU: How a ‘Super El Niño’ could impact the world economy

SMU flat-rolled market survey results now available

SMU Survey: Sheet and plate lead times hold at extended levels