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- Chicago business activity growth accelerates in May
Chicago business activity growth accelerates in May
MNI Indicators’
report revealed on Friday that the expansion of business activity in Chicago accelerated
slightly this month.
The MNI Chicago
Business Barometer, also known as Chicago purchasing manager's index (PMI) came
in at 54.2 in May, down from an unrevised 52.6 in April. Economists had
forecast the index to increase to 53.7.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, two of the five Barometer components rose in May. New Orders
increased for the first time in three months, but the advance was not large
enough to offset last month’s fall. Production picked-up to match its
three-month average but was significantly below its 12-month average.
Meanwhile, Supplier delivery times continued to expand but less so than last month.
Employment fell to the lowest level since October 2017. Order Backlogs slipped
into contraction again, the second such instance this year.
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