"The MNI Chicago Business Barometer rose 5.1 points to 62.7 in May, up from 57.6 in April, hitting the highest level since January," the ISM - Chicago has just reported. Below are some key quotes from the official press release.
- Business activity gained traction in May, with growth in firms’ operations up for only the second time this year.
- All five Barometer components rose on the month, helping take the Barometer’s year-over-year growth back into the black.
- Firms were more optimistic regarding their workforce in May with the Employment indicator bouncing back from last month’s six-month low.
- The price of key materials continued to prove a major source of angst amongst firms.
“It had been a somewhat sluggish start to the year, perhaps unsurprising after the stellar end to 2017, but the MNI Chicago Business Barometer found a higher gear in May. Although broad based, the rise was largely thanks to a rebound in demand and back-to-back growth in output,” Jamie Satchi, Economist at MNI Indicators, stated.
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