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- Chicago business activity’s growth unexpectedly accelerates in April
Chicago business activity’s growth unexpectedly accelerates in April
MNI
Indicators’ report revealed on Friday that business activity in Chicago
expanded in April, recording its tenth straight month of growth.
The
MNI Chicago Business Barometer, also known as Chicago purchasing manager's
index (PMI) came in at 72.1 in April, up from an unrevised 66.3 in March. This was the highest reading since December
1983.
Economists
had forecast the index to decrease to 65.3.
A
reading above 50 indicates improving conditions, while a reading below this
level shows worsening of the situation.
According
to the report, Order Backlogs (+16.2 points, to the highest level since
December 1973) recorded the largest gain in April, while Supplier Deliveries (-3.5
points) posted the biggest drop. Elsewhere, New Orders (+9.9 points, to a
near-7-year high), Production (+0.9 points, to the highest level since January 2018),
Employment (+1.7 points, to the highest level since August 2018) all saw
increases. In addition, Prices paid at the factory gate (+11.1 points) surged to
a 41-year high as raw material shortages and transportation problems continue
to weigh on the companies' cost burden.
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