March 2026 Chicago Report™
The Chicago Business Barometer™, produced with MNI, tempered 4.9 points to 52.8 after three consecutive rises. Still, the Barometer has now spent three months in expansionary territory.
The decline was driven by Employment, Production and New Orders. Lifts in Order Backlogs and Supplier Deliveries provided some offset.
Employment weakened 12.8 points, now back in contractionary territory after one month above 50. However, the index remains considerably above levels seen at the end of 2025.
Production lightened 9.3 points, driven by a decline in the number of respondents reporting higher production. The proportion of respondents reporting lower production fell slightly from last month.
New Orders softened 7.8 points, more than unwinding February’s rise but still above 50 for the third consecutive month.
Order Backlogs grew 6.4 points. The index is now at its highest since December 2022.
Supplier Deliveries rose 4.9 to the highest level since December 2024. The proportion of respondents reporting lower supplier deliveries jumped to the most since October 2022.
Prices Paid gained 3.4 points, now at the highest level since last December. Respondents noted that metals were already driving cost increases, and that geopolitical tensions have driven up other costs too.
Inventories increased 5.4 points.
The survey ran from March 1 to March 16.
