Chicago PMI index is the result of Chicago industry purchasing managers polling. It characterizes manufacturing orders, output prices and inventories. The readings below 50 indicate economic recession. The index is very closely watched as it is released shortly before the National Association of Purchasing Managers index. It has a significant impact on the market because it can give an idea of what will be the NAPM index. The report is released on the last business day of each month at 3:00pm (GMT).