Chicago Business Barometer Rebounds Much More Than Expected In June

A report released by MNI Indicators on Friday showed a substantial slowdown in the pace of contraction in Chicago-area business activity in the month of June.MNI Indicators said its Chicago business...

RTT Staff Writer•Friday, June 28, 2024•1 min read

A report released by MNI Indicators on Friday showed a substantial slowdown in the pace of contraction in Chicago-area business activity in the month of June.

MNI Indicators said its Chicago business barometer surged to 47.4 in June from 35.4 in May, although a reading below 50 still indicates contraction. Economists had expected the business barometer to climb to 40.0.

The Chicago business barometer rebounded following six consecutive monthly decreases, reaching its highest level since November 2023.

The new orders index led the way higher, spiking by 16.9 points and returning to similar levels seen in the first quarter.

MNI Indicators said the production index also jumped by 11.0 points to the highest since December 2023, while the employment index shot up by 6.9 points to a three-month high.

Meanwhile, the report said the prices paid index tumbled by 11.9 points, falling to its lowest level since June 2023.