MNI
Indicators’ report revealed on Thursday that business activity in Chicago grew in
December at a faster pace than in
November.
The
MNI Chicago Business Barometer, also known as Chicago purchasing manager's
index (PMI) came in at 63.1 in December, up from an unrevised 61.8 in November.
Economists
had forecast the index to rise to 62.0.
A
reading above 50 indicates improving conditions, while a reading below this
level shows worsening of the situation.
According
to the report, New Orders demonstrated the largest increase among the main five
indicators, jumping 8.2 points this month. It was followed by Production,
which rose 0.4 point, hitting the highest level since July. Meanwhile, Employment
fell 7.0 points, recording its second straight decline and reaching the lowest level
since June. Order Backlogs and Supplier Deliveries also dropped through
December. On the price front, Prices Paid decreased 4.2 points to 89.6, its seven-month
low.