The Chicago Purchasing Managers’ Index, also known as the Chicago Business Barometer, fell to 47.1 in August 2026 from 57.6 in July, missing market forecasts of 58.3. Readings below 50 indicate contraction, and the latest result marked a renewed downturn in business activity and the steepest decline since December 2025. New orders dropped 15.4 points but remained above April’s low, while production fell 8.8 points for its first sizeable contraction since last December. Supplier deliveries eased 2.6 points but stayed in expansion for a 19th consecutive month. Employment rose 4.3 points into positive territory for the first time in five months, although the improvement was marginal. The barometer, jointly managed by MNI and ISM Chicago since October 2011, surveys purchasing managers in manufacturing and non-manufacturing across the Chicago region and is watched as an indicator of broader US growth prospects and Federal Reserve policy expectations.