Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of February, according to a report released by MNI Indicators on Thursday.
MNI Indicators said its Chicago business barometer slipped to 44.0 in February from 46.0 in January, with a reading below 50 indicating contraction.
The dip by the Chicago business barometer came as the production index tumbled by 5.8 points to its lowest level since May 2023, as a greater proportion of respondents reported lower production.
The employment index also plunged by 6.0 points to its lowest level since July 2023, with the smallest proportion of respondents reporting increased employment since May 2020.
Meanwhile, the new orders index inched up by 0.3 points to its highest level since November 2023, and the orders backlogs index rose by 1.1 points.