Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The Chicago Business BarometerTM, produced with MNI, was revised up to 64.3 in December from 63.1, as a result of the annual seasonal adjustment recalculation.
Despite the upwards revision at the end of the year, in aggregate, the Barometer was revised down by -0.1 point in 2021 and revised up by +0.1 point in 2020.
Growth in the first half of the year was softer than previously estimated. Including the Barometer, 8 out of 11 activity metrics in the survey were revised lower in H1-2021. May saw the largest downward revision, with the Barometer revised lower 1.9 points to 73.3 from its initial reading of 75.2, while November recorded the biggest upward revision of +1.6 point to 63.5. This softer pace of recovery extended to Q3 with the Barometer revised lower by 0.3 points to 68.0 in Q3.
Despite these downward revisions, the Barometer has been in expansion territory since July 2020 and most of the survey indicators have remained well-above the 50 level in recent months showing a strong bounce back in activity.
Q4 2021 was revised higher for the Barometer and 4 of its 5 components suggesting there was an upturn in activity by the end of the year. Production saw the largest revision in Q4, revised up by 1.2 point. Only Employment ended 2021 in contraction territory.
All series in the Chicago Report are seasonally adjusted by the Census X-12 procedure and the seasonal adjustment factors are recalculated annually every January.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.