Financial News: Chicago Business Barometer Unexpectedly Slumps To Five-Mon

Chicago Business Barometer Unexpectedly Slumps To Five-Month Low In October

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

(RTTNews) - MNI Indicators released a report on Thursday showing its reading on Chicago-area business activity unexpectedly tumbled to a five-month low in October.

The report said MNI Indicators' Chicago business barometer slumped to 41.6 in October from 46.6 in September, with a reading below 50 indicating contraction. Economists had expected the business barometer to inch up to 47.0.

The unexpected decrease dragged the Chicago business barometer down to its lowest level since May 2024.

The steep drop by the Chicago business barometer came as the production index plunged by 7.8 basis points to its lowest level since April due to nearly 40 percent of respondents reporting lower production.

The new orders and order backlogs indexes also dove by 4.6 points and 8.5 points, respectively, falling to their lowest levels since May.

MNI Indicators said the employment index also slumped by 5.5 points, as over 90 percent of respondents reported same or smaller employment.

On the inflation front, the prices paid index softened by 7.0 points after reaching its highest level since August 2023 in September.

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