What is "Chicago PMI"?

The National Association of Purchasing Management created this report. It rates the level of factory health in the upper Midwest. It is also known as the Business Barometer and announced at the end of the month in The Chicago Report. Because it is released on the last day of the reporting month, it is used to predict the ISM Report. The Chicago PMI is based on a level of 50. Any level higher is considered expansion. Naturally, any grade lower is a sign of contraction.