Chicago Business Barometer Pulls Back Sharply But Still Indicates Growth
(RTTNews) - After reporting a spike by its reading on Chicago-area business activity in the previous month, MNI Indicators released a report on Tuesday showing its Chicago business barometer gave back ground in the month of June.
MNI Indicators said its Chicago business barometer slid to 56.7 in June after skyrocketing to a four-year high of 62.7 in May, although a reading above 50 still indicates growth. Economists had expected the index to slump to 55.4.
The sharp pullback by headline index largely reflected steep drops by the new orders and production indexes, which helped lead the way higher in May.
The new orders index plunged by 11.7 points and the production index tumbled by 10.4 points, but both indexes remain in expansionary territory.
Meanwhile, MNI Indicators said the supplier deliveries index shot up by 8.8 points to the highest level since June 2022, with respondents noting higher lead times due to the Middle East conflict.
The order backlogs index also rose by 2.4 points to its highest level since December 2022, while the employment index ticked up by 1.3 points but remained in contraction.
The report said the prices paid index also edged up by 1.6 points to its highest level since May 2022, with respondents citing higher oil and metal prices as key drivers of rising prices.
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