Chicago Business Barometer Unexpectedly Indicates Faster Contraction In May
(RTTNews) - Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of May, according to a report released by MNI Indicators on Friday.
MNI Indicators said its Chicago business barometer fell to 35.4 in May from 37.9 in April, with a reading below 50 indicating contraction. Economists had expected the business barometer to rise to 41.0.
With the unexpected decrease, the Chicago business barometer dropped to its lowest level since May 2020.
The unexpected decrease by the business barometer partly reflected a steep drop by the new orders index, which tumbled by 9.2 points to its lowest level since May 2020.
The order backlogs index also slumped by 8.0 points to its lowest level since May 2020, while the employment index dipped by 1.4 points to its lowest level since June 2020.
Meanwhile, the production index jumped 8.1 points following five consecutive months of decline, reaching its highest level since January.
The report also said the prices paid index edged down by 0.9 points, although MNI Indicators noted it remains at the second highest level since August 2023.
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