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Financial News: Chicago Business Barometer Rises More Than Expected In

Chicago Business Barometer Rises More Than Expected In December

12/30/2021 - 10:19:00 (RTTNews)

(RTTNews) - After reporting a slowdown in the pace of growth in Chicago-area business activity in the previous month, MNI Indicators released a report on Thursday showing growth picked back up in the month of December.

MNI Indicators said its Chicago business barometer rose to 63.1 in December from 61.8 in November, with a reading above 50 indicating growth. Economists had expected the business barometer to inch up to 62.0.

The modest rebound by the business barometer came as the new orders index jumped to 66.5 in December from 58.3 in November, nearly recovering to October's level.

The production index also showed slight increase during the month, reaching its highest reading since July.

Meanwhile, the report showed the employment index dipped for the second month in a row, falling to its lowest level since June.

The prices paid index also dropped to a seven-month low in December but remained above its 12-month average, as shortages of certain materials led to inflated costs.

MNI Indicators noted the inventories index rose for the third straight month to a four-year high, with firms expressing the importance of stocking up due to persistent supply chain disruptions.

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