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- Chicago business activity increases slightly in November
Chicago business activity increases slightly in November
MNI Indicators’
report revealed on Wednesday that business activity in Chicago rose slightly
this month.
The MNI Chicago
Business Barometer, also known as Chicago purchasing manager's index (PMI) came
in at 46.3 in November, up from an unrevised 43.2 in October. Economists had
forecast the index to increase to 47.0.
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 New Orders rose by 12.5 points to 49.4, just a touch below
the 50-mark, and the Order Backlogs recovered to 45.0 in November after October’s
sharp drop to 33.1. At the same time, the Supplier Deliveries recorded the
largest monthly fall to 50.2, hitting the lowest level since June 2016. The
Production edged down to 42.3 in November after October’s uptick and the Inventories
decreased to 43.0, indicating that firms continue to run down their stocks. On
the price front, prices at the factory gate cooled further to 53.5 in November,
registering the lowest level since April.
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