The Chicago Business Barometer, commonly known as the Chicago PMI, declined to 36.9 in December 2024, down from 40.2 in November and significantly below the market expectation of 42.5.
The Chicago Business Barometer, commonly known as the Chicago PMI, declined to 36.9 in December 2024, down from 40.2 in November and significantly below the market expectation of 42.5. This marks the 13th consecutive month of contraction in Chicago's economic activity and represents the sharpest monthly decline since May.
New orders experienced a steep drop, falling by 13.5 points to the second-lowest level since May 2020. Over half of the survey respondents reported a decrease in new orders, a scenario last observed in June 2020, which highlighted a significant weakness in demand.
The ongoing contraction in the Chicago PMI underscores persistent challenges in the regional economy, with declining new orders and subdued business sentiment pointing to continued headwinds as the year concludes.
Global markets remained under pressure as growing expectations of additional Federal Reserve rate hikes supported the U.S. dollar and weighed on major currencies and precious metals.
Global markets remained under pressure on Tuesday as expectations for tighter Federal Reserve policy outweighed optimism surrounding progress in U.S.–Iran negotiations.
Fed and Iran Uncertainty Keep Markets on Edge (22-26 June)Global financial markets faced a turbulent cross-current this week as sharp shifts in the US–Iran diplomatic track collided with hawkish monetary policy signals.
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