A report released by MNI Indicators on Friday showed a continued contraction in Chicago-area business activity in the month of April, although the pace of contraction unexpectedly slowed.
MNI Indictors said its Chicago business barometer climbed to 48.6 in April from 43.8 in March. While a reading below 50 still indicates a contraction, economists had expected the index to edge down to 43.5.
With the unexpected increase, the Chicago business barometer reached its highest level since August 2022.
The advance by the headline index reflected increases by all subindexes except the order backlogs and inventories indexes
The employment index showed a significant improvement, jumping above 50 for the first time since August.
The supplier deliveries and prices paid indexes were also above 50, while all other subindicators indicated contraction
