Highlights
Business is slow but it's still growing in the Chicago area based on MNI's Chicago report where the headline composite is at 53.7, up 8 tenths from June to indicate a slightly faster rate of monthly growth. The new orders index rose 1 full point to 52.9 while backlogs, at 52.8, show a monthly gain following two months of contraction. Orders coming in and orders in the pipeline secure what should be respectable overall growth in the months ahead.

Other readings include slowing growth in production, which at 54.5 is still pretty solid. Inventories continue to accumulate which points to business confidence in the outlook as does continued growth, though slowing growth, in employment. This report right now isn't helping the Dow which is moving to opening lows, but it does offer positive signals and suggests that summer slowing in the overall economy may be limited.

Market Consensus before announcement
The Chicago PMI edged up in June to 52.9 from 52.7 the prior month. But the weakest reading for new orders since September 2009 pointed to slowing conditions for Chicago-area businesses. The 51.9 new orders reading in June's MNI Chicago report was still over 50 to indicate growth relative to May but only marginal growth which contrasts with robust growth, including a reading near 70, as recently as February.

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