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Financial News: Chicago Business Activity Unexpectedly Resumes Contraction

Chicago Business Activity Unexpectedly Resumes Contraction In September

09/30/2019 - 10:20:00 (RTTNews)

(RTTNews) - Chicago-area business activity unexpectedly returned to contraction in the month of September, according to a report released by MNI Indicators on Monday.

MNI Indicators said its Chicago business barometer slumped to 47.1 in September after rebounding to 50.4 in August. A reading below 50 indicates a contraction in Chicago-area business activity.

The index indicated a contraction for the third time in four months, while economists had expected a much more modest decrease to a reading of 50.2.

The production index led the way lower, plunging by 7.6 points to 40.4 in September, hitting its lowest level since May of 2009. The new orders index also tumbled by 7.6 points or 48.5.

While the employment index improved slightly to 45.6 in September, the quarterly average fell to 44.1, recording the weakest quarter since the fourth quarter of 2009.

MNI Indicators said its reading on prices at the factory gate rose 4.1 points to 57.7 in third quarter, with anecdotal evidence pointing to tariffs affecting prices and business activity.

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