Chicago Business Barometer Surges Back Into Expansionary Territory In September
(RTTNews) - A report released by MNI Indicators on Wednesday showed a substantial rebound by its reading on Chicago-area business activity in the month of September.
MNI Indicators said its Chicago business barometer spiked to 58.8 in September from 47.1 in August, with a reading above 50 indicating growth. Economists had expected the index to jump to 51.0.
The bigger than expected rebound by the headline index came as the production index soared by 15.5 points, returning to expansionary territory and reaching its highest level since May.
The report said the new orders index also surged by 13.3 points, with some respondents attributing the increase to a seasonal improvement in orders.
The supplier deliveries index also shot up by 9.6 points, while the order backlogs index jumped by 8.4 points but remained in contraction.
Meanwhile, MNI Indicators said the employment index fell by 4.3 points, returning to contraction after one month in expansionary territory.
The report said the prices index also eased by 3.7 points, although the distribution of responses continues to indicate upward price pressure.
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