July 2026 Chicago Report™
The Chicago Business Barometer™, produced with MNI, edged up 0.9 points to 57.6 in July. The Barometer remained in expansionary territory for a third consecutive month.
The modest increase was driven by stronger New Orders, largely offset by weaker Supplier Deliveries, Order Backlogs, Employment and Production.
New Orders rebounded 11.6 points, consistent with the level seen in May, which was the highest since January 2022.
Supplier Deliveries pulled back 9.5 points, more than unwinding June’s strong rise. However, some respondents noted persistent delays, particularly for electronic components.
Order Backlogs retreated 5.2 points, reentering contraction after two months above the neutral 50 mark – though remaining above April’s low.
Employment declined 3.8 points, holding in contraction territory for a fifth consecutive month and reaching its lowest level since March.
Production eased 1.4 points, but remained in expansion for a seventh consecutive month.
Inventories increased 7.9 points, returning to expansion and reaching their highest level since March 2023.
Prices Paid were essentially unchanged, easing 0.1 point. Respondents continue to cite geopolitical factors and elevated energy costs as pricing pressures, although some respondents reported improving price stability.
The survey ran from July 1 to July 15.
Chicago Business Barometer™ and ISM Manufacturing Index
