A recent report from MNI Indicators has revealed that business activity in the Chicago area unexpectedly declined at a faster pace in March.
According to MNI Indicators, its barometer for Chicago business activity fell to 41.4 in March, down from 44.0 in February. Readings below 50 signify contraction, and economists had initially predicted the index would rise to 46.0.
The business barometer showed a decrease for the fourth month in a row, reaching its lowest point since May 2023.
MNI Indicators attributed this unexpected downturn to a drop in Order Backlogs, New Orders, Production, and Supplier Deliveries. However, the decline was somewhat offset by an increase in Employment.
