Chicago Business Barometer Unexpectedly Sees Further Upside In February

(RTTNews) - A month after reporting the first increase in Chicago-area business activity in over two years, MNI Indicators released a report on Friday showing its reading on business activity unexpectedly saw further upside in the month of February.

MNI Indicators said its Chicago business barometer climbed to 57.7 in February after surging to 54.0 in January, with a reading above 50 indicating growth. Economists had expected the index to pull back to 52.5.

The unexpected increase by the headline index came as the production index surged by 9.0 points to its highest level since November 2023.

The employment index also jumped by 7.7 points, returning to expansionary territory for the first time since November 2023 and reaching its highest level since October 2021.

The report also said the new orders index rose by 2.9 points to the strongest level since January 2022, while the supplier deliveries index rose by 1.4 points.

On the inflation front, MNI Indicators said the prices paid index ticked up 2.4 points, partially unwinding January's sharp decrease.