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- Chicago business activity’s expansion unexpectedly accelerates in July
Chicago business activity’s expansion unexpectedly accelerates in July
MNI
Indicators’ report revealed on Friday that business activity in Chicago expanded
in July at a faster pace than in June.
The
MNI Chicago Business Barometer, also known as Chicago purchasing manager's
index (PMI) came in at 73.4 in July, up from an unrevised 66.1 in June. This represented both a two-month
high and the second highest pandemic-era reading.
Economists
had forecast the index to drop to 64.6.
A
reading above 50 indicates improving conditions, while a reading below this
level shows worsening of the situation.
According
to the report, Production (+8.8 points) recorded the largest gain in July,
followed by New Orders (+5.4 points), while Supplier Deliveries remained
unchanged. Elsewhere, Order Backlogs (+3.4 points) advanced, hitting a two-month
high; Inventories (+5.1 points) also gained but remained in contraction territory.
On the price front, Prices paid at the factory gate (-0.3 points) eased
slightly but held at a historically high level.
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