Chicago PMI Shows Smaller Than Expected Rebound in June

In May, many US states began to lift restrictions and reopen their economiesso they could get a head-start on that V-shaped recovery everyone was talking about. Now however, some of those US states are only left with skyrocketing coronavirus cases, with a v-shaped recovery nowhere to be found.

According to the Chicago Purchasing Manager’s Index (PMI), which measures the economic wellbeing of Chicago’s manufacturing sector, only a slight rebound from the previous month’s 38 year low was noted in June. Economists polled by Econday predicted the PMI to increase from 32.3 in May to at least 44.5 in June. In reality however, there was only a slight rebound to 36.6.

Some indicators of the Chicago PMI saw improvements, such as New Orders and Production, the largest rebounds for the month. In addition to the reported indices, the Chicago PMI also surveyed respondents on how they plan to proceed with employment levels. According to the manufactures that responded, over half are anticipating a hiring freeze, while another 18% are anticipating a workforce expansion.

Information for this briefing was found via MarketWatch and Trading Economics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold Is Now Smart Money’s End Game | Doug Casey

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Revive Files IND Application With FDA For Phase 3 Clinical Study For COVID-19 Treatment

Revive Therapeutics (CSE: RVV) announced after the bell today that it has officially filed its...

Tuesday, June 30, 2020, 07:18:46 PM

US With Another 3.0M Jobless Claims; 36M Over Last 8 Weeks.

This morning the Department of Labor released initial jobless claims data for the week ended...

Thursday, May 14, 2020, 09:21:57 AM

Datametrex Secures Another $450,000 COVID-19 Test Kit Purchase Order

The checks just keep on coming in for Datametrex AI (TSXV: DM). The company announced...

Monday, June 8, 2020, 10:31:48 AM

US Coronavirus Cases Continue to Soar Following July Fourth Holiday Weekend

Although the US has been adamantly reopening its economy and lifting restrictions across many states,...

Thursday, July 9, 2020, 05:33:00 PM

Bank of Canada Governor Suggests Economy Has a Long Way To Go Before Reaching Pre-Pandemic Levels

The coronavirus pandemic has left the Canadian economy battered and damaged, and in such a...

Saturday, June 27, 2020, 10:33:00 AM