Chicago PMI hits 17-month high in March

(Sharecast News) - The downturn in business conditions across the wider Chicago area unexpectedly slowed in March, according to a survey out on Monday from the Institute for Supply Management, with a key measure of activity hitting a 17-month high. The ISM's Chicago Business Barometer, a closely followed indicator of the US economy, rose to 47.6 in March, up from 45.5 in February.

This was ahead of the consensus forecast, which pencilled in a decline to 45.2.

While still lower than the neutral level of 50.0, this was the highest reading since November 2023, when the purchasing managers' index (PMI) last registered growth.

With the exception of a 55.6-point print in November 2023, the ISM Chicago PMI hasn't registered two or more consecutive months of growth since mid-2022.