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- Chicago business activity falls in June
Chicago business activity falls in June
MNI Indicators’
report revealed on Friday that business activity in Chicago contracted this
month.
The MNI Chicago
Business Barometer, also known as Chicago purchasing manager's index (PMI) came
in at 49.7 in June, down from an unrevised 54.2 in May. Economists had forecast
the index to decrease to 53.1. This marked the first contraction in Chicago's
activity since January 2017.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, Demand eased for the fourth time this year, while Production
indicator hit a three-year low and Order Backlogs remained in contraction for
the second consecutive month. At the same time, Inventories were on a rise, and
Factory gate prices picked up for the second consecutive month.
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