November 2025 Chicago Report™
The Chicago Business Barometer™, produced with MNI, fell 7.5 points to 36.3 in November. The index is below 40 for the first time since January, and has remained below 50 for twenty-four consecutive months.
- The decrease was driven by declines in Order Backlogs, New Orders, Production and Employment. An increase in Supplier Deliveries provided a small offset.
- Order Backlogs slipped 21.5 points, now at its lowest level since March 2009 and below 30 for the first time since June this year.
- New Orders dropped 12.0 points, the largest one month fall since September 2023. The index is now at its lowest level since December 2024.
- Production slowed 4.7 points, more than reversing October’s rise. The index has remained below 50 for 21 of the last 23 months.
- Supplier Deliveries grew 7.4 points to the highest level since last December. No respondents reported faster Supplier Deliveries in November.
- Employment softened 4.5 points to the lowest level since May 2009. No respondents reported larger employment levels in November.
- Inventories declined 9.8 points, almost fully unwinding October’s increase.
- Prices Paid rose 5.8 points to the highest level in four months.
The survey ran from November 1 to November 18.
