The December Chicago Business Barometer was revised up to 67.8 from 67.6 previously, following the annual seasonal adjustment recalculation, but the downward revision to second quarter numbers pulled down the index for the year.
“Growth was revised higher in the first, third and fourth quarters but a downward revision to second quarter growth was enough to deliver an aggregate 0.3 point drop in the Barometer over 2017,” according to the Institute for Supply Management – Chicago.
“June saw the largest revision, with the Barometer revised down 2.1 points to 63.6 from its initial estimate of 65.7. Activity in the second half of the year was revised higher by 1.3 points, driven by a 1.7 point upward revision to the Barometer in November.
“Overall, the revisions suggest economic activity ran at a slightly softer pace over first six months of the year but that growth over H2 2017 was higher than previously estimated.”
New orders collected the largest upward revision in the last half of the year, followed by production, employment and backlogs, with supplier deliveries receiving the largest downward adjustment.