January 2026 Chicago Report™
The Chicago Business Barometer™, produced with MNI, jumped 11.3 points to 54.0 in January. The index is in expansionary territory for the first time since November 2023, after twenty-five consecutive months below the key 50 mark.
The rise was driven by increases in Employment, New Orders, Order Backlogs and Production. A decline in Supplier Deliveries provided a marginal offset.
Employment rose 17.5 points to the highest level since December 2024, and comfortably above the 2025 average, but still below the 50 neutral level.
New Orders climbed 15.8 points to the highest level since March 2022.
Order Backlogs strengthened 11.5 points, now above 50 for the first time since December 2022.
Production advanced 9.1 points to the highest since December 2023. The index sits well above the 2025 average.
Supplier Deliveries dipped 2.1 points, but still remained above 50 for the twelfth consecutive month
Inventories grew 14.3 points, now back in expansionary territory for the first time since April.
Prices Paid fell 9.0 points, unwinding four consecutive months of rises, and dropping to the lowest level since January 2025.
The survey ran from January 2 to January 14.
