Chicago Business Barometer Indicates Continued Contraction In September
2024-09-22
1489
(fxcue news) - Chicago-area business activity saw a continued contraction in the month of September, according to a report released by MNI Indicators on Monday.
MNI Indicators said its Chicago business barometer rose to 46.6 in September from 46.1 in August, but a reading below 50 still indicates contraction. Economists had expected the business barometer to inch up to 46.2.
The Chicago business barometer has been in a tight range between 45.3-47.4 for four consecutive months and has remained in contractionary territory for 24 of the past 25 months.
The uptick by the Chicago business barometer in September reflected significant increases by the order backlogs and employment indexes.
The order backlogs index increased by 5.3 points but remains below the 2024 high in June, while the employment index climbed by 5.0 points after two consecutive months of decline.
Meanwhile, decreases by the supplier deliveries, new orders and production indexes restricted the upward move by the Chicago business barometer.
While the supplier deliveries index slid by 4.9 points after four straight months of increases, the new orders and production indexes both dipped by 1.1 points.
On the inflation front, the report said the prices paid index jumped by 8.3 points to its highest since August 2023 due to nearly half of respondents reporting higher prices paid.
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