WASHINGTON (dpa-AFX) - A reading on Chicago-area business activity increased by more than expected in the month of October but continued to indicate contraction, according to a report released by MNI Indicators on Friday.
The report said the Chicago business barometer climbed to 43.8 in October after slipping to 40.6 in September. While economists had expected the index to show a more modest increase to 42.3, a reading below 50 still indicates contraction.
MNI Indicators noted the Chicago business barometer has remained below 50 for twenty-three consecutive months.
The bigger than expected rebound by the headline index came as new orders index advanced by 6.2 points, largely offsetting September's slump.
The report said the production index also rose by 3.8 points, while the order backlogs index climbed by 5.4 points to its highest level since November 2023.
The employment index also crept up by 1.3 points, although MNI Indicators noted the proportion of respondents reporting larger employment is at its lowest level since February.
MNI Indicators also said the inventories index jumped by 12.0 points, more than reversing the previous two months' declines to reach its highest level since May.
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