Chicago Business Barometer Unexpectedly Deceases In December
(RTTNews) - Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of December, according to a report released by MNI Indicators on Monday.
MNI Indicators said its Chicago business barometer slid to 36.9 in December from 40.2 in November, with a reading below 50 indicating contraction. Economists had expected the Chicago business barometer to rise to 42.5.
With the unexpected decrease, the Chicago business barometer fell for the third straight month, dropping to its lowest level since May.
The decline by the Chicago business barometer was primarily due to a steep drop by the new orders index, which plunged by 13.5 points to its second lowest level since May 2020.
Over half of respondents reported fewer new orders for the first time since June 2020, MNI Indicators said.
The production index also fell by 2.9 points, hitting its lowest level since January 2009, with the expectation of April-May 2020 during the pandemic.
Meanwhile, the report said the employment index surged by 11.9 points to its highest level since November 2023 amid an increase in firms keeping employment stable and reviewing future staffing levels.
MNI Indicators also said the prices paid index slid by 5.8 points to its lowest level since July.
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