MNI Indicators released a report on Monday showing a significant slowdown in the pace of growth in Chicago-area business activity in the month of February.
The report showed the Chicago business barometer tumbled to 56.3 in February from 65.2 in January. While a reading above 50 still indicates growth, economists had expected the barometer to show a much more modest drop to 63.0.
MNI Indicators said all five of the main five indicators fell, with the new orders index and the supplier deliveries index taking the largest hits.
The new orders index plunged to 53.0 in February from 65.3 in January, hitting a twenty-month low, while the production index slid to 55.4 from 60.6, dropping to its lowest reading since August 2020.
The report showed the supplier deliveries also tumbled to 75.3 in February from 87.6 in January, although firms still report suppliers struggling to manage demand and increasing prices.
The employment index also slumped to 43.5 in February from 49.1 in January, falling to its lowest level since October of 2020.
MNI Indicators said the paid index also fell to an eleven-month low of 86.5 in February from 88.0 in January, as some firms noted price gouging by suppliers but others saw prices leveling off.
Meanwhile, the report said the inventories index rose to 57.3 in February from 59.8 in January, with firms continuing to stock up due to persistent supply chain disruptions.
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