A reading on Chicago-area business activity saw a modest increase in the month of August but continues to indicate contraction, according to a report released by MNI Indicators on Friday.
MNI Indicators said its Chicago business barometer crept up to 46.1 in August from 45.3 in July, but a reading below 50 still indicates contraction. Economists had expected the business barometer to inch up to 45.5.
The uptick by the Chicago business barometer came as the new orders index climbed by 2.0 points and the production index rose by 1.5 points.
The supplier deliveries index also increased for the fourth consecutive month, rising by 2.9 points to the highest since October 2022.
Meanwhile, the order backlogs index fell by 4.1 points to its lowest level since May and the employment index dipped by 2.4 points.
MNI Indicators also said the prices paid index jumped by 10.2 points following three consecutive months of decline, taking it above the year-to-date average of 63.4.