Chicago Business Barometer Unexpectedly Plunges In November
(RTTNews) - MNI Indicators released a report on Wednesday unexpectedly showing a steep drop by its reading on Chicago-area business activity in the month of November.
The report said the Chicago business barometer plunged to 36.3 in November after climbing to 43.8 in October, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 44.3.
MNI Indicators noted the index slumped below 40 for the first time since January and has remained below 50 for twenty-four consecutive months.
The steep drop by the headline index came as the new orders index saw its biggest one-month decrease since September 2023, diving by 12.0 points to its lowest level since December 2024.
The order backlogs index also plummeted by 21.5 points, falling below 30 for the first time since June and hitting its lowest level since March 2009.
The production index also tumbled by 4.7 percent, while the employment index slumped by 4.5 points to its lowest level since May 2009.
On the other hand, MNI Indicators said the prices paid index jumped by 5.8 points to its highest level in four months.
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