Chicago Business Barometer Inches Up Less Than Expected In June
(RTTNews) - Largely reflecting a less-stark contraction in production, MNI Indicators released a report on Friday showing a modest slowdown in the pace of contraction in Chicago-area business activity in the month of June.
MNI Indicators said its Chicago business barometer inched up to 41.5 in June from 40.4 in May, although a reading below 50 still indicates contraction. Economists had expected the business barometer to climb to 44.0.
The uptick by the Chicago business barometer came as the production index rose to 42.6 in June after tumbling to 39.6 in May.
Meanwhile, the report said the employment index fell to 45.6 in June from 48.5 in May, while the new orders index edged down by 0.1 points to its lowest level since November 2022.
MNI Indicators said the prices paid index also slumped to 53.5 in June from 60.9 in May, falling to its lowest level since April 2020.
Only 29.2 percent of firms reported higher prices paid in June, the lowest since October 2020 and substantially lower than the peak of 86.1 percent experienced in June 2021, MNI Indicators said.
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