Financial News: Chicago Business Barometer Unexpectedly Edges Lower In Nov

Chicago Business Barometer Unexpectedly Edges Lower In November

11/27/2024 - 10:39:00 (RTTNews)

(RTTNews) - A report released by MNI Indicators on Wednesday showed an unexpected decreased by its reading on Chicago-area business activity in the month of November.

MNI Indicators said its Chicago business barometer slipped to 40.2 in November from 41.6 in October, with a reading below 50 indicating contraction. Economists had expected the Chicago business barometer to rise to 44.7.

The unexpected dip by the Chicago business barometer came amid monthly decreases by four of the five subcomponents.

The production index fell by 2.0 points to its lowest level since April 2004, while the supplier deliveries index tumbled by 8.1 points, marking its biggest drop since March 2023.

While the order backlogs index also decreased by 1.9 points, the employment index edged down by 1.5 points, coming in below 40 for the fifth month this year.

On the other hand, the new orders index rose by 3.0 points. The index is slightly above the year-to-date average but still below September's reading.

MNI Indicators also said the prices paid index dipped by 1.2 points, with the share of respondents reporting higher prices falling slightly below 30 percent for the first time since July.

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