Research >> Economics
Chicago Purchasing Managers Index fell to 44.0 in October 2023
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• The Chicago Business BarometerTM, produced with MNI fell -0.1 points to 44.0 in October from 44.1 in September. It remains below the 48.7 level seen in August but broadly in line with the 2023 average of 44.2.
• Production was the largest downside driver, while supplier deliveries and order backlogs also contributed. New orders and employment both moved up fairly notably.
• New orders were lifted +4.2 points, partially reversing the significant -17.6 point fall seen in September. The rise was driven largely by an increasein the proportion of respondents reporting an unchanged pipeline (and a slight decline in those reporting new orders).
• Production decreased -4.6 points to 46.5, entering contractionary territory once again after two months of expansion in August and September.
• Order backlogs were -0.3 points lower.
• Employment climbed +5.7 points to 50.2, the first growth into expansionary territory since April 2023. This was driven by increases in employment by some respondents to address holiday-season expectations and falls for those affected by labor unrest.
• Supplier deliveries dropped slightly by -0.5 points, showing improvements in logistical plans.
• Prices paid increased +0.6 points to 60.1 and remains below levels seen for the majority of the last three calendar years.
• Inventories gained +0.6 points, the third consecutive monthly increase.
Posted: October 31, 2023 Tuesday 09:45 AM