The chart shows the Chicago Fed Survey of Business Conditions for manufacturing activity in Federal Reserve District 7, which includes Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. Its largest metropolitan areas are Chicago, Detroit, Indianapolis, Milwaukee, and Grand Rapids. More than 35 million people lived in the District as of 2021. This index measures the health of the manufacturing sector in the region.
- Historical Performance: The index has fluctuated significantly over the past decade, with notable highs and lows. The highest point was in January 2018 at nearly 70, indicating strong manufacturing activity. The lowest point was in April 2020 at -95, reflecting a severe downturn likely due to the COVID-19 pandemic.
- 2024 Performance: In May 2024, the index was around 3.45. This suggests that while manufacturing activity has rebounded somewhat from the lows of the pandemic, it is still relatively subdued compared to historical highs.
- Current Trends: Manufacturing in Chicago in 2024 has shown modest improvement, but it is not as robust as in past peak years. This could be due to various factors such as supply chain issues, economic uncertainty, or changes in demand.
Overall, the manufacturing sector in Chicago is recovering but faces challenges in reaching previous high levels of activity.
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