Chicago Business Barometer Drops To Nearly Two-Year Low In June
(RTTNews) - MNI Indicators released a report on Thursday showing growth in Chicago-area business activity slowed by more than expected in the month of June.
The report showed the Chicago business barometer slumped to 56.0 in June from 60.3 in May. While a reading above 50 still indicates growth, economists had expected the business barometer to dip to 58.0.
With the bigger than expected decrease, the Chicago business barometer dropped to its lowest level since August of 2020.
The pullback by the business barometer came as the new orders index tumbled by 9.8 points to a two-year low of 49.9, while the production index slid by 5.7 points.
On the other hand, the report showed the employment index jumped by 4.6 points or 50.7, reaching the highest level since last November.
MNI Indicators said the prices paid index eased 9.0 points to 79.6, the lowest reading since February of 2021, as 13 percent fewer firms saw higher prices in June compared to May.
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