Chicago Business Barometer Unexpectedly Indicates Contraction In May
31 Maio 2016 - 07:13AM
RTTF2
Chicago-area business activity unexpectedly contracted in the
month of May, MNI Indicators revealed in a report released on
Tuesday.
MNI Indicators said its Chicago business barometer dropped to
49.3 in May from 50.4 in April, with a reading below 50 indicating
a contraction. The decrease came as a surprise to economists, who
had expected the index to inch up to 50.7.
The decline by the business barometer was lead by a 6.6 point
drop by the production index and a mild setback in new orders, with
both indexes falling below 50.
The report also showed a steep drop by the inventories index,
which fell to its lowest level since November of 2009.
MNI Indicators Chief Economist Philip Uglow said, "While
expectations are that growth in the U.S. economy will bounce back
in Q2, the evidence from the MNI Chicago Report shows activity
weakening from an already low level."
"Firms ran down stocks at the fastest pace for more than 6 years
in May, and while a rebuilding over the coming months could support
output, the underlying message appears to be that businesses are
not confident about the outlook for growth," he added.
MNI Indicators said its prices paid index fell slightly in May
after having picked up by more than 10 points in April.
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