WASHINGTON (dpa-AFX) - Growth in Chicago-area business activity slowed moderately in the month of October, according to a report released by MNI Indicators on Friday.
The report said the Chicago business barometer fell to 55.3 in October after spiking to 58.8 in September, although a reading above 50 still indicates growth. Economists had expected the business barometer to pull back to 56.0.
The decrease by the Chicago business barometer partly reflected a steep drop by the supplier deliveries index, which tumbled by 10.3 points but remained in expansionary territory.
MNI Indicators said respondents reported mixed conditions, as some noted that deliveries remained slow despite the shortening in delivery times, while others cited persistent delays out of Asia.
The production and order backlogs indexes also declined by 5.2 points and 4.4 points, respectively, while the new orders index edged down by 0.6 points.
Meanwhile, the report said the employment index surged by 10.3 points, returning to expansionary territory and reaching its highest level since April 2021.
The prices paid index also jumped by 8.9 points to its highest level since December 2021, with respondents citing cost pressures from chemical- and petroleum-based inputs, as well as fuel surcharges and freight costs.
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