Chicago PMI rose to 57.6 in July as new orders hit their highest level since January 2022

The Chicago Business Barometer rose to 57.6 in July 2026 from 56.7 the previous month, remaining in expansionary territory for a third consecutive month. The figure, published on Friday 31 July 2026, also topped the market expectation of 56.0. A reading above 50 signals expanding activity.

The main driver of the increase was a jump in new orders, which climbed to their highest level since January 2022. Working the other way, supplier deliveries weakened and order backlogs slipped back into contraction after two months above the neutral 50 mark. The employment sub-index remained in contraction for a fifth consecutive month, falling to its lowest level since March, while production eased but stayed in expansion.

The prices paid sub-index was little changed; according to the release, respondents continued to cite geopolitical tensions and elevated energy costs despite signs of improving price stability. The long-run average for the index since 1967 is 54.27. The direct reference by American respondents to energy costs shows that the oil price shock stemming from the West Asia war is still visible in the cost structure of US industrial firms.