ISM - Chicago: Chicago Business Barometer rises to 62.7 in May

"The MNI Chicago Business Barometer rose 5.1 points to 62.7 in May, up from 57.6 in April, hitting the highest level since January," the ISM - Chicago has just reported. Below are some key quotes from the official press release.

• Business activity gained traction in May, with growth in firms’ operations up for only the second time this year.
• All five Barometer components rose on the month, helping take the Barometer’s year-over-year growth back into the black.
• Firms were more optimistic regarding their workforce in May with the Employment indicator bouncing back from last month’s six-month low. 
• The price of key materials continued to prove a major source of angst amongst firms. 

“It had been a somewhat sluggish start to the year, perhaps unsurprising after the stellar end to 2017, but the MNI Chicago Business Barometer found a higher gear in May.  Although broad based, the rise was largely thanks to a rebound in demand and back-to-back growth in output,” Jamie Satchi, Economist at MNI Indicators, stated.