Financial News: Chicago Business Barometer Unexpectedly Indicates Faster C

Chicago Business Barometer Unexpectedly Indicates Faster Contraction In May

05/31/2024 - 10:01:00 (RTTNews)

(RTTNews) - Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of May, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer fell to 35.4 in May from 37.9 in April, with a reading below 50 indicating contraction. Economists had expected the business barometer to rise to 41.0.

With the unexpected decrease, the Chicago business barometer dropped to its lowest level since May 2020.

The unexpected decrease by the business barometer partly reflected a steep drop by the new orders index, which tumbled by 9.2 points to its lowest level since May 2020.

The order backlogs index also slumped by 8.0 points to its lowest level since May 2020, while the employment index dipped by 1.4 points to its lowest level since June 2020.

Meanwhile, the production index jumped 8.1 points following five consecutive months of decline, reaching its highest level since January.

The report also said the prices paid index edged down by 0.9 points, although MNI Indicators noted it remains at the second highest level since August 2023.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Atlanta Fed Sees U.S. Q3 GDP Growth At 2.8% (08 hr(s), 36 min(s), 25 sec(s) ago)
(RTTNews) - The Atlanta Fed released its initial estimate for the third quarter growth based on it ...Full Story»

U.S. Consumer Sentiment Index Dips Slightly Less Than Previously Estimated In July (10 hr(s), 27 min(s), 25 sec(s) ago)
(RTTNews) - The University of Michigan released revised data on Friday showing consumer sentiment ...Full Story»

U.S. Consumer Prices Inch Up 0.1% In June, In Line With Estimates (11 hr(s), 24 min(s), 25 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of ...Full Story»

Spain Jobless Rate Lowest Since 2008 (11 hr(s), 38 min(s), 25 sec(s) ago)
(RTTNews) - Spain's unemployment rate fell to the lowest level in nearly 16 years in the secon ...Full Story»

Denmark Retail Sales Fall 0.1% (11 hr(s), 46 min(s), 25 sec(s) ago)
(RTTNews) - Danish retail sales decreased slightly in June after recovering in the previous month, ...Full Story»

Hungary Jobless Rate Falls To 4.3% (12 hr(s), 02 min(s), 25 sec(s) ago)
(RTTNews) - Hungary's unemployment rate decreased slightly during the April-June period, data ...Full Story»

U.S. PCE Price Index Inches Higher In June, Annual Growth Slows To 2.5% (12 hr(s), 11 min(s), 25 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of ...Full Story»

Russia Central Bank Hikes Rate By 200 Bps (12 hr(s), 24 min(s), 25 sec(s) ago)
(RTTNews) - Russia's central bank raised its benchmark rate by 200 basis points on Friday amid ...Full Story»