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Financial News: Chicago Business Barometer Indicates Slower Contraction In

Chicago Business Barometer Indicates Slower Contraction In November

11/27/2019 - 10:11:00 (RTTNews)

(RTTNews) - A report released by MNI Indicators on Wednesday showed Chicago-area business activity contracted at a slower rate in the month of November.

MNI Indicators said its Chicago business barometer climbed to 46.3 in November from 43.2 in October, although a reading below 50 still indicates a contraction. Economists had expected the barometer to rise to 46.0.

With the increase, the Chicago business barometer rebounded after slumping to its lowest level since December of 2015 in the previous month.

The rebound by the business barometer came as the new orders index surged up by 12.5 points to 49.4, just a touch below the 50 mark.

The order backlogs index also recovered to 45.0 in November after October's sharp decline to 33.1, while the production index slipped to 42.3 in November after October's uptick.

The employment index also edged down by 0.2 points to 49.6, indicating a slight contraction in Chicago-area employment.

On the inflation front, prices at the factory gate cooled further to 53.5 in November, pointing to the slowest price growth since April.

MNI Indicators asked businesses whether they are passing the costs of tariffs on or absorbing the costs in the special question for the month.

Fifty-seven percent of respondents said they are not passing on the costs of tariffs in contrast to 43 percent who said they are passing on the costs.

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