ISM Manufacturing PMI report

Chicago PMI Falls to 35.4 in May, Expected 41.1, Previous 37.9, Lowest Since Covid-19 Crash

May 31, 2024, 01:47 PM

The Chicago Purchasing Managers' Index (PMI) for May fell to 35.4, significantly below the expected 41.1 and the previous month's 37.9. This marks the lowest level since the Covid-19 crash in May 2020. The data suggests a weakening U.S. economy, with some analysts indicating potential recession and stagflation concerns. The gap between the Chicago PMI and other indices like ISM and Markit PMI has widened, raising questions about future economic trends. The forecast was 41.5, and the business index also showed a decline.