The Chicago Business Barometer rose to 52.3 in April, its highest level since January, indicating an expansion in business activity in the Chicago region to start the second quarter. New orders and production increased after declining in previous months, while employment also rose. However, input prices continued to fall sharply. Business leaders were mixed in their outlook, with manufacturers more cautious than service sector firms. The rebound is seen as a return to normal levels of activity after poor weather and industrial disruptions earlier in the year.

1. Embargoed until 9:45 A.M. E.T., 30 April 2015
Media Release
Chicago Business Barometer Makes Positive Start to Q2
Businesses Not Concerned About Fed Rate Lift-Off
The Chicago Business Barometer made a positive
start to the second quarter, rising by 6.0 points to
52.3 in April, the highest since January, and further
distancing itself from February’s 5½-year low.
The Barometer was supported by gains in four of its
five components including a double digit gain in
New Orders that reversed around two-thirds of
February’s sharp drop. Order Backlogs also rose
strongly but remained below the 50 breakeven line,
a reflection of the recent downturn in orders.
Production moved out of contraction and the strong
gain in New Orders should help to underpin output
over the coming months.
Feedback from panellists was very mixed. Comments
from service sector companies were more positive
than manufacturers.
In line with the improvement in orders and output,
Employment increased to the highest since January,
following the slump in February and March that
affected nearly all of the indicators in the survey as
growth in the US economy decelerated sharply in Q1.
Lead times for Supplier Deliveries declined for a
second month, although an overwhelming majority
of survey panellists reported that they were
unchanged from last month. Quicker lead times were
due in part to better weather, a resumption of
normality following the disruption of the West Coast
port strike and the Chinese New Year. In contrast,
days to source Production Materiel rose for the
second month and to the longest since August 2014.
Following a sharp increase in March, inventories of
finished goods edged slightly lower in line with the
pick-up in orders in April after weaker sales than
expected in the previous two months.
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Disinflationary pressures intensified in April as Prices
Paid contracted at a faster rate, hitting the lowest
level since July 2009. Some purchasers cited
weakness in oil and steel related products.
In a special question posed in April, half of the panel
thought that a rate hike by the Fed over the next six
months would have no impact on their business as it
had already been factored in.
Chief Economist of MNI Indicators Philip Uglow said,
“The bounce back in activity at the start of Q2 is
consistent with a resumption of normal activity
following the poor weather and port strikes earlier in
the year. In percentage terms, the April jump is
similar to last year, although the level of activity is
lower overall.“

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Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.
About MNI Indicators
MNI Indicators specialises in producing business and consumer surveys designed to present an advance picture of the economic landscape and
highlight changing trends in business and consumer activity. The timely reports explore attitudes, perspectives and sentiment across the globe,
including China, India and Russia. Alongside MNI Indicators’ core focus on consumer and business surveys in emerging markets, MNI Indicators
produces the renowned Chicago Business Barometer (Chicago PMI), a key leading indicator of the US economy. MNI Indicators is part of MNI, a leading
provider of news and intelligence, a wholly owned subsidiary of Deutsche Börse AG, and one of the largest worldwide exchange organisations.
About ISM-Chicago
ISM-Chicago is a non-profit association dedicated to strengthening the community of purchasing and supply management professionals in the Chicagoland
area. As an affiliate of the Institute of Supply Management (ISM), the organization is committed to the ongoing professional development of its members
and the purchasing and supply management profession through education, research and communication. For more information on becoming a part of
ISM-Chicago, call (847) 298-1940.
Notes to Editors
Please source all information to MNI Indicators.
The MNI Chicago Report is published by MNI Indicators, part of Deutsche Börse Group, in partnership with the ISM-Chicago.
The MNI Chicago Report is published monthly and contains the Chicago Business BarometerTM
and a number of other Business Activity and Buying Policy
indicators. The data is seasonally adjusted.
The Chicago Business BarometerTM
is a closely watched leading indicator of U.S. economic activity and is based on a survey panel of purchasing/supply-
chain professionals, primarily drawn from membership of the Institute for Supply Management-Chicago (ISM-Chicago). The survey panel contains both
manufacturing and non-manufacturing firms, many with global operations.
The Chicago Business BarometerTM
is a composite diffusion indicator made up of the Production, New Orders, Order Backlogs, Employment and Supplier
Deliveries indicators and is designed to predict future changes in gross domestic product (GDP).
An indicator reading above 50 indicates expansion compared with a month earlier while below 50 indicates contraction. A result of 50 is neutral. The
farther an indicator is above or below 50, the greater or smaller the rate of change.