Notizie economiche
31.10.2024

Chicago business activity contraction unexpectedly deepens in October

Institute for Supply Management’s report showed on Thursday that business activity in Chicago shrank again in October and at a faster pace than in September.

The Chicago Business Barometer, also known as the Chicago purchasing manager's index (PMI) came in at 41.6 in October, down from an unrevised 46.6 in the previous month. That pointed to the 11th straight month of a contraction in activity in the Chicago Fed region.

Economists had expected the indicator to rise to 47.0 in October.

A reading above 50 indicates an expansion of activity, while a reading below this level points to a contraction.

According to the report, the decrease in the index was due to declines in four of the five subcomponents - Order Backlogs (-8.5 points), Production (-7.8 points), Employment (-5.5 points) and New Orders (-4.6 points). Meanwhile, Supplier Deliveries (+6.2 points) was the only subcomponent that increased in October

The report also revealed that Prices Paid fell by 7.0 points, after reaching the highest level since August 2023 in September.

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