Chicago Business Barometer Jumps But Still Indicates Contraction In February
(RTTNews) - A report released by MNI Indicators on Friday showed its reading on Chicago-area business activity jumped by much more than expected in the month of February but continued to indicate contraction.
MNI Indicators said its Chicago business barometer shot up to 45.5 in February from 39.5 in January. Economists had expected the Chicago business barometer to show a much more modest increase to 40.6.
While the Chicago business barometer reached its highest level since June 2024, a reading below 50 still indicates contraction.
The sharp increase by the Chicago business barometer came as the production index surged by 7.6 points to its highest level since June 2024 and the new orders index jumped 5.0 points to its highest level since November 2023.
Meanwhile, the report said the employment index slid by 1.5 points to its lowest level since June 2020, as almost 40 percent of respondents reported lower levels of employment for the first time since mid-2009.
MNI Indicators also said the prices paid index spiked by 16.9 points, marking the largest monthly increase since July 1957. The index reached its highest level since August 2020.
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