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Chicago Business Barometer Rises Less Than Expected In June

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A report released by MNI Indicators on Tuesday showed a continued contraction in Chicago-area business activity in the month of June.

MNI Indicators said its Chicago business barometer rose to 36.6 in June from 32.3 in May, but a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to jump to 45.0.

The uptick by the Chicago business barometer reflected notable monthly increases by the production and new orders indexes.

Meanwhile, the report said the employment index fell by 5.1 points in June, remaining below 50 for the twelfth consecutive month.

The supplier deliveries index recorded the second curtailment in a row, as firms continued to mention Covid-19 related delays.

On the inflation front, MNI Indicators said prices paid at the factory gate rose 2.7 percent in June, with many companies noting the elevated cost for air freight from Asia.

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