The MNI Chicago Business Barometer rose to 65.7 in June from 59.4 in May, easily beating forecasts and hitting the highest level in over three years. The closely-watched survey, which rose for the fifth conservative month, came in at a very strong 65.7.
“June’s MNI Chicago Business Barometer Survey is a testament to firms’ expectations of a busy summer,” said Shaily Mittal, Senior Economist at MNI Indicators. “With Production and New Orders touching levels not seen in three years, rising pressure on backlogs and delivery times has led to higher optimism among firms both in general business conditions and the local economy.”
The index is at the highest it’s been since May 2014 and far more than the 58.2 median forecast. Four of the five components in the MNI Chicago Business Barometer increased, while only Employment fell slightly to 56.6 from 57.1.