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- Chicago business activity continues to expand in August but at slower pace
Chicago business activity continues to expand in August but at slower pace
MNI Indicators’
report revealed on Friday that business activity in Chicago picked up for the second
straight month in August, albeit at a slower pace than in July.
The MNI Chicago
Business Barometer, also known as Chicago purchasing manager's index (PMI) came
in at 51.2 in August, down from 51.9 in July. Economists had forecast the index
to increase to 52.0.
A reading above
50 indicates improving conditions, while a reading below this level shows
worsening of the situation.
According to
the report, Order Backlogs was the only category to show a monthly decline, cooling
1 point in August after a strong increase in the previous month. Meanwhile, Supplier
Deliveries recorded the largest gain, rebounding 4.2 points after three
consecutive months of decline. Elsewhere, Production improved further in
August, increasing 1.4 points to the highest level since June 2019, while New
Orders edged up to a one-year high, and employment ticked up 0.9 points but
remained in contraction territory.
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