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.
MNI: Chicago Business Barometer™ Weakens Further in November
The Chicago Business BarometerTM, produced with MNI, tumbled a further eight points to 37.2 in November. This was the third consecutive month of contraction. Excluding the pandemic, the November PMI was the lowest since the 2008/09 Global Financial Crisis.
After marginal improvements in October, only Employment and Inventories recorded November upticks. All other indexes saw marked declines. Production, New Orders and Order Backlogs fell further to June 2020 lows. Only Inventories and Prices Paid remained expansionary.
Source: MNI / ISM
PRODUCTION CONTRACTS AS NEW ORDERS DIVE
Production plunged by 9.2 points to 35.9, contracting for the third month running to 17 points below the 12-month average. Low order levels dampened production. Close to 90% of respondents recorded the same or lower production.
New Orders recorded the lowest sub-index level at 30.7, 8.5 points below the October level. Inflation concerns, higher inventories and the slowing housing market were cited as key contributors.
Order Backlogs experienced the largest decline, receding 11.2 points to 36.1. As new orders weaken further, firms are quickly working through outstanding customer orders.
PRICE PRESSURES MODERATE FURTHER
Prices Paid moderated by 8.6 points in November to 66.2. This is 15.9 points below the 12-month average and signals a continued slowing in prices. Falling freight costs contributed to lower prices paid and further easing is expected in Q1 2023.
Employment ticked up 1.5 points to 47.1, improving for a second month from the brief September dip.
The survey ran from November 1 to 14.
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.