October 2025 Chicago Report™

• The Chicago Business Barometer™, produced with MNI, progressed 3.2 points to 43.8 in October. The index is now back above the 2025 average of 43.1. However, the index has remained below 50 for twenty-three consecutive months. 
• The increase was mainly driven by a rebound in New Orders, alongside rises in Production and Order Backlogs. All Business Activity subcomponents increased in October. 
• New Orders expanded 6.2 points, unwinding the majority of September’s fall. This was the first gain in New Orders since July. 
• Production strengthened 3.8 points, now sitting at similar levels to May, though the index has been below 50 since March. 
• Order Backlogs advanced 5.4 points, bringing the index to its highest level since November 2023. The proportion of respondents reporting smaller Order Backlogs dropped to its lowest since June 2022. 
• Supplier Deliveries increased 1.4 points, but remained below August levels. The index has been above 50 for nine consecutive months.
• Employment was virtually unchanged, rising 1.3 points. The proportion of respondents reporting larger Employment is at its lowest since February. 
• Inventories jumped 12.0 points, more than reversing the previous two months’ declines. The index is now at its highest since May. 
• Prices Paid grew 1.3 points.
•  The survey ran from October 1 to October 14.