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- Chicago business activity’s expansion unexpectedly accelerates in April
Chicago business activity’s expansion unexpectedly accelerates in April
MNI
Indicators’ report revealed on Friday that business activity in Chicago grew
further in May, recording its eleventh straight month of expansion.
The
MNI Chicago Business Barometer, also known as Chicago purchasing manager's
index (PMI) came in at 75.2 in May, up from an unrevised 72.1 in April. This was the highest reading since November
1973.
Economists
had forecast the index to drop to 68.0.
A
reading above 50 indicates improving conditions, while a reading below this
level shows worsening of the situation.
According
to the report, Order Backlogs (+7.7 points, to the highest level since
December 1983) and Order Backlogs (+7.5 points, hitting a 70-year high) demonstrated
the largest gains, while Employment (-6.5 points) slipped back into contraction territory. Elsewhere, Production (-2.3 points) slowed and Inventories
dropped to a 9-month low, while Supplier Deliveries (+5.9 points) rose to a
47-year high, indicating that supply chain constraints remain a serious problem.
On the price front, Prices paid at the factory gate decreased 3.1 points in
May, down from April’s 41-year high.
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