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- Chicago business activity contracts in September
Chicago business activity contracts in September
MNI Indicators’
report revealed on Monday 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 47.1 in September, down from an unrevised 50.4 in August. Economists had
forecast the index to decrease to 49.9.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, only two of the five components of the headline indicator saw a
monthly advance: the Supplier Deliveries rose to 54.8 and the Employment grew
to 45.6. At the same time, the Production saw the largest drop, tumbling by 7.6
points, to 40.4, the lowest since May 2009. The Order Backlogs decreased to
46.8 and the Inventories slipped to 41.7, its forty-month low. On the price
front, prices at the factory gate saw a modest monthly drop.
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