Chicago PMI shows business sentiment and prices keep rising
Add Axios as your preferred source to
see more of our stories on Google.
Surveys of business owners continue to show rising sentiment as the U.S. moves toward summer.
Driving the news: The Chicago purchasing managers index (PMI) came in at 66.3 in March, the highest it's been since July 2018.
What it means: The survey asks business owners whether things are better, worse or the same for their firm, with a reading of 50 meaning that respondents overall were neutral.
- A reading over 60 shows conditions improving strongly.
The big picture: The Chicago PMI, a bellwether for the Midwest U.S. economy's growth, is one of multiple sentiment surveys to reach a multiyear high this month, following the Philadelphia Fed manufacturing index's jump to a level that was almost double its previous record high.
- March manufacturing surveys from the Institute for Supply Management and IHS-Markit also reached levels at or near 60.
Don't sleep: All of these surveys also have shown prices reaching yearslong highs as well.
- The Chicago prices paid index rose for a seventh straight month, touching its highest level since August 2018.
