MNI Indicators: Chicago Business Barometer™ - Slowed To 40.5 In May

May 2025 Report

The Chicago Business Barometer™, produced with MNI, slowed 4.1 points to 40.5 in May. This was the second consecutive fall, bringing the index to its lowest level since January. The index has now been below 50 for eighteen consecutive months.

• The decrease was driven by a fall in New Orders, Order Backlogs and Production. Supplier Deliveries and Employment rose relative to April.
• New Orders trimmed 6.0 points, and are now 13.0 points below March’s high of the year.
• Production softened 4.0 points, falling below the 12-month average for the first time since January.
• Employment rose 8.3 points, the highest reading,and largest increase, since December. This wasn driven by more firms keeping employment levels unchanged rather than reducing employment.
• Order Backlogs fell 8.5 points, matching November’s reading. There has not been a lower reading since May 2024.
• Supplier Deliveries increased 5.3 points
• Inventories contracted 2.3 points, but remains comfortably above March’s 34.8 reading. 
• Prices Paid narrowed 1.5 points. This component has been above 70 for four consecutive months. As has been the case since February, no respondents reported lower prices paid in May. 

The survey ran from May 1 to May 14.