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Financial News: Chicago Business Barometer Indicates Continued Growth In A

Chicago Business Barometer Indicates Continued Growth In August

08/31/2017 - 10:09:00 (RTTNews)

(RTTNews) - Chicago-area business activity saw continued growth in the month of August, according to a report released by MNI Indicators on Thursday.

MNI Indicators said its Chicago business barometer came in at 58.9 in August, unchanged from July. A reading above 50 indicates growth. Economists had expected the barometer to edge down to 58.5.

The barometer came in unchanged as gains in production and demand were offset by losses in backlogs, employment and supplier deliveries.

"Following the sharp rise in the Barometer to a more than three-year high in June it isn't too surprising to see activity subsequently ease somewhat," said Shaily Mittal, Senior Economist at MNI Indicators.

"However, overall, the trend remains firm, consistent with the growth story of the U.S.," she added. "The disappointment comes from the employment indicator which once again contracted, the sixth time in the last 12 months, with fewer firms expecting an increase in hiring,"

The report said the new orders and production indexes increased slightly in August after showing notable declines in July.

On the other hand, the Employment indicator slipped for the third month in a row in August, falling below 50 for the first time since March.

MNI Indicators said inflationary pressures at the factory gate eased slightly in August after picking up in the previous month.

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