2023.11.3014:31:00UTC+00Chicago Business Activity Expands For First Time In Over A Year

A report released by MNI Indicators on Thursday showed Chicago-area business activity unexpectedly expanded for the first time in over a year in the month of November.

MNI Indicators said its Chicago business barometer surged to 55.8 in November from 44.0 in October, with a reading above 50 indicating growth. Economists had expected the index to inch up to 45.4.

The Chicago business barometer saw its biggest monthly increase since September of 2020, returning to expansionary territory for the first time since August 2022.

MNI Indicators said the new orders index spiked by 12.5 points, driven by an increase in demand by respondents.

The production index also surged by 15.9 points, as the number of respondents reporting 'higher' production was the greatest since May 2021.

The inventories and supplier deliveries indexes also increased to levels above 50, while the employment index moved further above 50, reaching the highest level since July 2022.

The report also said the prices paid index edged down by 0.2 points to 59.9, below levels seen for the majority of the last three calendar years.