Chicago manufacturing weakens further in October

The Chicago Business Barometer unexpectedly declined further in October, with activity contracting for the 14th straight month.

The ISM-Chicago purchasing managers' index, a barometer of the national economy polling purchasing and supply management professionals across the wider Chicago area, inched lower to 44.0 from from 44.1 in September.

However, economists were expecting a slight tick-up to 45.0.

The Chicago Business Barometer is one of the key regional manufacturing surveys and has been in negative territory – evidenced by any reading below 50 – since August 2022.

It is thought that the United Auto Workers strike, which has held back production across factories of the Detroit Three for the past six weeks, had an impact on October's survey.