Cook County Commissioner Sean Morrison (R-Palos Park) | Facebook/Cook County Commissioner Sean Morrison
Cook County Commissioner Sean Morrison (R-Palos Park) | Facebook/Cook County Commissioner Sean Morrison
The Chicago Price Managers' Index (PMI) dropped from 52.2 in August to 45.7 in September, a decrease that signals "deteriorating business conditions," according to Trading Economics. The Chicago PMI was just over 65 in January of this year.
“Markets expected a slight decline to 52,” Peter Schiff, chief economist and global strategist for Euro Pacific Capital, wrote on Twitter. “Instead, the reading collapsed to 45.7, the lowest since June 2020.”
Schiff said he blames inflation.
"The Chicago Purchasing Managers' Index (PMI) determines the economic health of the manufacturing sector in Chicago region," Cook County Commissioner Sean Morrison explained in a Facebook post referencing Schiff's tweet. "A reading above 50 indicates expansion of the manufacturing sector; a reading below indicates contraction."
The U.S. Bureau of Labor Statistics issued its latest Consumer Price Index (CPI) summary on Sept. 13, which found that the rate of inflation over the last 12 months stands at 8.3%. In the last year, food costs have risen by 11.4%, energy costs have increased by 23.8%, gas prices have risen by 25.6%, and the cost to purchase a new vehicle has increased by 10.1%.
In Cook County, the average price of a gallon of regular gas is $4.602 as of Oct. 4, higher than the state average of $4.212 and the national average of $3.805, according to AAA.
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