December 30, 2022 14:55 GMT
Chicago Business Barometer Finds Weak H1 2023 Growth Expectations
USMetals bulletEM BulletDataFixed Income NewsHomepagemarkets-real-timeCommoditiesEnergy BulletsData BulletBulletMarketsEmerging Markets NewsForeign Exchange News
In December, the Chicago Business BarometerTM, produced with MNI, asked firms "How do you see your business activity growing in the first half of 2023, by percent?"
- Firms’ growth outlooks for 2023 varied.
- The majority (around 57%) expected 0-5% growth in business activity in H1 2023, whilst a substantially smaller approx. 9% are anticipating a 5-10% expansion. Just 3% expect stronger growth of 10%+.
- Close to one-third (31%) of respondents forecast no H1 2023 business-activity growth.
- This is in line with weaker national growth outlooks. The Federal Reserve's median GDP forecast for 2023 was downgraded to +0.5% growth in the December projections (from +1.2% in the previous September forecasts).