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- Chicago business activity unexpectedly declines further in May
Chicago business activity unexpectedly declines further in May
MNI Indicators’
report revealed on Friday that business activity in Chicago decreased this
month, as business confidence cooled further amid the COVID-19 crisis.
The MNI Chicago
Business Barometer, also known as Chicago purchasing manager's index (PMI) came
in at 32.3 in May, down from an unrevised 35.4 in April. That was the lowest
level since March 1982.
Economists had
forecast the index to increase to 40.0.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, New Orders decreased
by 2.3 points to the lowest since July 1980, while Production ticked down 6.3 percent
in May, remaining at a 40-year low as firms reported pandemic-induced temporary
shutdowns. In addition, Order Backlogs dropped 28.0
percent to the lowest level since March 2009, and Supplier Deliveries fell by 5.8 percent. Meanwhile, Employment edged marginally higher, rebounding
after April’s sharp drop, and Inventories rose further, with firms noting a higher
level than needed.
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