WASHINGTON (dpa-AFX) - MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August.
The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.
The much steeper than expected drop by the headline index was driven by a sharp pullback by new orders, as the new orders index plunged by 10.8 points.
MNI Indicators said the employment index also slumped by 5.9 points to its lowest level since June 2020, while the production index slid by 3.6 points to the weakest level since December 2024.
On the inflation front, the report said the prices paid index contracted by 8.3 points for the second consecutive month but remains above the 2024 average.
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