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Economic Report: Chicago PMI jumps in May, beating expectations

The Chicago Business Barometer, also known as the Chicago PMI, rose to 60.3 in May from 56.4 in the prior month. 

Economists polled by the Wall Street Journal forecast a 55.9 reading. 

The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern.

The Chicago PMI is the last of the regional manufacturing indices before the national ISM data for May is released on Wednesday.

The prior business surveys showed a sharp slowdown in business activity. 

Economists surveyed by The Wall Street Journal have forecast a 54.5% reading for the closely-watched ISM manufacturing index in May after a 55.4% reading in the prior month. That was the lowest reading since July 2020.

Stocks
DJIA,
-1.13%

SPX,
-1.17%

opened sharply lower on Tuesday on fears that high inflation may persist. The yield on the 10-year Treasury note
TMUBMUSD10Y,
2.862%

rose to 2.86%.

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