This report is created by The National Association of Purchasing Management. It rates the level of factory health in the upper Midwest. It is also known as the Business Barometer. Announced at the end of the month in The Chicago Report. Because it is released on the last day of the reporting month, it is used to predict the ISM Report.. The Chicago PMI is based on a level of 50. Any level higher is considered expansion. Naturally, any level lower is a sign of contraction.