The MNI Chicago Business Barometer decreased to 55.2 in May from 58.3 in April, the lowest level since January. Optimism among firms about business conditions eased for the first time in four months. Three of the five Barometer components led May's decline, with Order Backlogs and Supplier Deliveries increasing.

After rising for three consecutive months, demand lost ground in May. New orders fell by a hefty 9.6 points, to hit the lowest level since January. In line with lower orders, Production also receded, although by a softer margin.