July 2024 Chicago Report™
The Chicago Business Barometer™, produced with MNI slipped 2.1 points to 45.3 in July, after rising in June for the first time since November 2023.
The fall was broad based with four out of five subcomponents down, in comparison to all five components rising last month. Production led the deterioration this month, with New Orders, Order Backlogs and Employment also lower. Meanwhile, Supplier Deliveries edged up.
- Production fell 8.2 points, making it the lowest since May 2024. Respondents have become increasingly polarized.
- New Orders declined 2.5 points, after jumping up 16.9 points in June.
- Order Backlogs lessened by 2.8 points, also after it recorded a large rise of 14.2 points in June.
- Employment slowed by 2.2 points. This was due to the proportion of respondents reporting lower levels of employment increasing.
- Meanwhile, Prices Paid curtailed a further 0.7 points, taking it to the lowest level since June 2023. This was due to the number of respondents reporting lower prices paid at the highest since June 2023.
- Supplier Deliveries rose for the third consecutive month by 5.1 points to the highest since November 2023.
- Finally, Inventories fell 4.0 points, after reaching the highest levels seen since November 2023 last month.
The survey ran from July 1 to July 15
