Chicago Manufacturing PMI Plunges In November

MNI’s Chicago Business Barometer Report came in dramatically worse than expected for November, printing 36.3 (the lowest since May 2024), well below expectations of 43.6 and the prior print of 43.8

Under the hood, it was all ugly: 

• Prices paid rose at a faster pace; signaling expansion

• New orders fell at a faster pace; signaling contraction

• Employment fell at a faster pace; signaling contraction

• Inventories fell at a faster pace; signaling contraction

• Supplier deliveries rose at a faster pace; signaling expansion

• Production fell at a faster pace; signaling contraction

• Order backlogs fell at a faster pace; signaling contraction

And this confirms the plummet that we have seen in ‘soft’ data in aggregate since the shutdown was lifted…

Does it really feel like the worst of COVID currently in Chicago?