May 2026 Chicago Report™
The Chicago Business Barometer™, produced with MNI, climbed 13.5 points to 62.7 in May. The Barometer is now at its highest since January 2022, and back in expansionary territory after one month below the neutral 50 mark. This was the joint second largest monthly increase in the Barometer since its inception in February 1967 (only July 2020 saw a bigger monthly jump).
The rise was driven by increases in New Orders, Production, Order Backlogs and Supplier Deliveries. A decline in Employment provided some marginal offset.
New Orders jumped 18.2 points to the highest level since January 2022. Although there was a notable rise in the proportion of respondents reporting more new orders relative to April, the panel noted that in some cases this only represented a slight increase.
Production advanced 11.9 points, marking five months in expansionary territory and the highest level since July 2021 (albeit only slightly above that of February 2026). • Order Backlogs grew 9.4 points, back in expansionary territory but still below the March level.
Supplier Deliveries extended 3.6 points, almost completely unwinding April’s fall.
Employment dipped 1.3 points, but remains above the level seen in March.
Prices Paid increased 3.5 points to the highest since May 2022. Respondents continue to highlight oil prices and transport fuel surcharges pushing up costs.
Inventories recovered 2.9 points.
The survey ran from May 1 to May14.
