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Financial News: Chicago Business Barometer Indicates Slower Growth In Nove

Chicago Business Barometer Indicates Slower Growth In November

11/30/2017 - 10:13:00 (RTTNews)

(RTTNews) - Reflecting slower growth in new orders and order backlogs, MNI Indicators released a report on Thursday showing a slowdown in the pace of growth in Chicago-area business activity in the month of November.

MNI Indicators said its Chicago business barometer slid to 63.9 in November from 66.2 in October, although a reading above 50 still indicates growth. Economists had expected to index to drop to 63.0.

"Despite November's fall, the MNI Chicago Business Barometer remains on track to deliver the first full year of expansion in three years," said Jamie Satchi, Economist at MNI Indicators.

Satchi added, "Firms seem to have navigated through the worst of the bad weather conditions in recent months, though supplier deliveries rising to a thirteen-year high and persistent, high input costs suggests the effects are yet to fully dissipate away."

MNI Indicators said the new orders index retreated from October's four-month high but remained in good health, while the order backlogs index was the only other sub-component to lose ground.

The report said the supplier deliveries index indicated the fastest expansion in more than thirteen years, and the inventories index climbed to an eight-month high.

After slipping into contraction territory in October, the employment index returned to expansion in November, MNI Indicators said.

The prices paid index rose to its third-highest level this year, suggesting inflationary pressures at the factory gate remained elevated in November.

MNI Indicators said 75 percent of firms saw an interest rate hike having no material impact on their activities, while only 23 percent said it would harm their business.

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