Chicago PMI Shows Slowing, But Still Strong Growth

Unexpected slowing to what nevertheless is a very strong rate of growth is March's signal from what usually is a robust report. The Chicago PMI came in at 57.4 in March which is still well over breakeven 50 but also well under Econoday's low estimate. This is the slowest rate of growth for this index since this time last year as is growth in new orders which likewise slowed. The build in backlog orders also slowed as did production. But signs of capacity stress are still evident with delivery times lengthening and respondents still having trouble finding skilled workers.