Chicago Business Barometer Jumps To Highest Level In A Year
(RTTNews) - MNI Indicators released a report on Thursday showing a notable slowdown in the pace of contraction in Chicago-area business activity in the month of August.
The report said the Chicago business barometer jumped to 48.7 in August from 42.8 in July, although a reading below 50 still indicates a contraction. Economists had expected the index to rise to 44.1.
The Chicago business barometer increased for the third consecutive month, reaching its highest level since August 2022.
The surge by the headline index was partly due to a turnaround by new orders, as the new orders index spiked by 12.6 points to come in above 50 for the first time since May 2022.
The production index also shot up to 57.1 in August from 45.1 in July, while the employment index jumped to 48.3 from 39.7 but continued to indicate a contraction.
MNI Indicators also said the prices paid index soared to 74.0 in August from 62.1 in July, reaching the highest level since October 2022.
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