Highlights
Chicago area businesses are enjoying another month of substantial monthly growth based on the MNI Chicago report where the business barometer, at 56.2 in April, remains well above 50 to indicate growth compared to March. Though the level is six points below March to indicate a less robust rate of monthly growth, details in the report indicate that April has nevertheless been a very active month.

Growth in new orders and growth in production both slowed but with readings in the 57 area both remain very strong. Especially strong in April are backlog orders which, nearly at 57, show the strongest monthly build so far this year. Employment is also strong, up nearly 1-1/2 points to nearly 59 to indicate that MNI's respondents, on net, added to their workforces this month. This is very important as there's hardly a greater vote confidence in the outlook for the economy than adding new workers. Inventory accumulation slowed in the month as did price pressures for raw materials which however remain heavy.

Regional reports this month have been indicating slowing but still healthy conditions, as does this report which covers all sectors of Chicago's economy. The next regional glimpse on April activity will be later this morning at 10:30 a.m. ET with the manufacturing report from the Dallas Fed.

Market Consensus before announcement
The Chicago PMI for March came in at 62.2 versus February's 64.0. A reading over 50 denotes monthly growth and the further over 50, the stronger the rate of growth. The new orders index slowed to a still very strong 63.3 from February's outsized pace of 69.2.

2012 Release Schedule

Released On: 1/31 2/29 3/30 4/30 5/31 6/29 7/31 8/31 9/28 10/31 11/30 12/28 Release For: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec