Chicago-manufacturing activity rises for the first time in five months
The Institute for Supply Management-Chicago reported that Chicago-area manufacturing activity rose slightly into positive territory in July after five months of contraction.
The Chicago Tribune reported on the study completed by the Institute for Supply Management-Chicagons while others, like new orders and hiring, are future projections. The business barometer used by the institute moved up to 50.8 from 49.6 in June. Any reading below 50 shows a contracting manufacturing activity; while an above 50-level indicates expansion.
While the chicago PMI is regional in scope, investors and economists scrutinize the report for trends because it is typically released just one day before an influential nationwide manufacturing survey is issued. The ISM’s national index is set for release Friday.