Chicago Business Activity Softened in June — MNI

By Xavier Fontdegloria

Business activity in the Chicago area continued to expand at a strong pace in June, albeit the rate of growth eased compared with May, according to data from MNI Indicators released Wednesday.

The Chicago Business Barometer decreased to 66.1 in June from 75.2 in May, a four-month low. Economists polled by The Wall Street Journal expected the index to decline to 70.

The barometer is compiled every month after surveying companies in the Chicago area to assess business conditions. Readings above 50 point to expansion of activity in the region, while readings below 50 indicate contraction. The indicator has been in expansion territory since July 2020.

Among the main five indicators, order backlogs registered the largest fall and only supplier deliveries increased compared with the previous month, the report said.

Both production and new orders eased significantly. Some firms reported lower production levels…

Read more…