MNI Indicators: Chicago Business Barometer™ - Dropped To 41.6 In October

The Chicago Business Barometer™, produced with MNI, dropped 5.0 points to 41.6 in October after edging up for two consecutive months, making the barometer the lowest since May 2024, and 1.6 points below the year-to-date average.
The decline was due to four out of the five subcomponents falling (Production, New Orders, Order Backlogs and Employment), with only Supplier Deliveries rising in October. • Production fell 7.8 points. This is significantly below the year-to-date average of 44.8 and the lowest reading since April 2024. This was due to nearly 40% of respondents reporting lower production – the highest proportion since June 2023.
New Orders dipped 4.6 points, making it the lowest level since May 2024.
Order Backlogs more than reversed last month’s rise, reducing 8.5 points to the lowest since May 2024. This was due to nearly half of respondents reporting smaller backlogs.
Employment decreased 5.5 points, taking it below the year-to-date average of 41.9. This was due to over 90% of respondents reporting same or smaller employment. • Prices Paid, softened 7.0 points, after reaching the highest level since August 2023 in September.
Inventories fell for the second consecutive month by 2.9 points.
Supplier Deliveries extended 6.2 points. This makes the print the highest since September 2022.
The survey ran from 1 st October to 15th October 2024.

MNI Indicators: Chicago Business Barometer™ - Dropped To 41.6 In October - October 2024 Report