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- Chicago business activity recovers in August
Chicago business activity recovers in August
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 50.4 in August, up from an unrevised 44.4 in July. Economists had
forecast the index to increase to 47.5.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, only two components of the headline indicator saw a
monthly decline, as Supplier Deliveries posted a steep decline, dropping to
50.3 from July’s 55.6. In addition, Inventories tumbled by 11.2 percent to
47.9, indicating that firms started to run down inventories in August. Meanwhile,
New Orders, recorded the largest single component monthly gain and shifted back
into expansion, while Order Backlogs climbed to 51.3 in August from 43.5 in July.
Production recorded a pickup of 6.7 points but remains muted. Employment
indicator rose slightly to 43.7 but remained in contraction territory.
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