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Chicago Fed Survey Records Big Uptick in Region’s Business Conditions
The Chicago Fed Survey of Business Conditions (CFSBC) Activity Index rose to +42 in April from +22 in March, suggesting that economic growth in the region was “well above trend.” Crain’s Chicago Business noted that April’s index represented the highest figure since 2014.
The CFSBC Manufacturing Activity Index moved up to +63 in April from +49 in March. Meanwhile, the CFSBC Nonmanufacturing Activity Index increased to +30 in April from +10 in the previous month.
Although respondents’ outlooks for the U.S. economy over the next 12 months deteriorated slightly, it remained optimistic on balance. Eighty-three percent of respondents expected an increase in economic activity over the next 12 months, and 37% expected activity to return to its pre-pandemic level by the end of 2021.
Similarly, while the pace of current hiring decreased, moving into negative territory, respondents’ expectations for the pace of hiring over the next 12 months increased.
- ◦Economy
