The Chicago Purchasing Managers Index report is a report from the Chicago Institute for Supply Management that examines business conditions in the Windy City. It's a report of modest importance, but investors and analysts like it as a strong regional indicator of general business activity. It is also typically viewed as being representative of the overall economic health of the nation.
The core component of the Chicago PMI report is the Business Barometer Index. In February, it came in at a seasonally adjusted 71.2, and the Econoday-surveyed analysts are expecting it to cool off a little. They're looking for a level of 70.0. The March report shows that the index did decline, coming in at a seasonally-adjusted level of 70.6 (which still beats expectations).