Widget Image
Follow PPD Social Media
Follow Us:
Sunday, September 27, 2020
HomeNewsEconomyMNI Chicago Business Barometer Hits Highest Level Since November 2014

MNI Chicago Business Barometer Hits Highest Level Since November 2014

SUV parts are fabricated in the stamping facility at the General Motors Assembly Plant on June 9, 2015. (Photo: Reuters)
SUV parts are fabricated in the stamping facility at the General Motors Assembly Plant on June 9, 2015. (Photo: Reuters)

SUV parts are fabricated in the stamping facility at the General Motors Assembly Plant on June 9, 2015. (Photo: Reuters)

The MNI Chicago Business Barometer rose 1.1 point to 59.4 in May from 58.3 in April, a full correction to the highest level since November 2014. A previous report released this morning showed a 3.1 point decline, which turned an unexpected weak report into a very strong one.

“May’s rise in the MNI Chicago Business Barometer provides a further boost to the business environment. Rising pressure on backlogs and delivery times accompanied with higher production levels suggests firms’ expectations of a busy summer,” said Shaily Mittal, senior economist at MNI Indicators.

Backlog orders climbed out of contraction for the first time in 5 months, indicating stronger prospects for future employment. Serving as further evidence of strengthening employment, more than half of respondents said they planned on hiring, another sign businesses were optimistic about labor demand during the summer.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial