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, recovered to 62.9 in March, after last month’s dip to 56.3. Inventories reached levels not seen since 1973. All main indicators increased, with Inventories and New Orders seeing the largest boost. Only prices paid declined in March.
Production improved to 60.0, still below the 12-month average of 62.8, but a substantial 4.6-point recovery over last month. Firms cited modest improvements in material shortages and logistic issues, allowing a production boost.
Prices Paid slipped 0.8 points to a 12-month low of 85.7 in March. Raw material shortages in Asia were cited as continuing upside price pressures.
Employment increased 4.6 points to 48.1, following February’s dip to the lowest since October 2020. Firms saw employment levels improve, although hiring skilled workers remained challenging.
New Orders picked up to 61.9, up 8.9 points from the February fall, yet still 3.4 points weaker than January. Supplier Deliveries grew 3.0 points through March to 78.3, with more firms seeing deliveries slow.
BACKLOGS
Order Backlogs inched up 2.5 points to a five-month high of 64.3 as backlogs remained persistently high due to key material and chip shortages.
Inventories hit a near 50-year high in March, jumping 11.4 points to 68.7, 16.7 points above the 12-month average. Firms stocked up due to ongoing supply chain disruptions, with exports seeing longer delivery times. Some port congestions improvements were noted.
Prices Paid slipped 0.8 points to a 12-month low of 85.7 in March. Raw material shortages in Asia were cited as continuing upside price pressures. Increased lead times and capital costs sent the capital equipment sub-index to a record high.
• The survey ran from March 1 to 21.
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.