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MNI Indicators released a report on Wednesday showing its reading on Chicago-area business activity fell by more than expected in the month of April.
The report said the Chicago business barometer slid to 44.6 in April from 47.6 in March, with a reading below 50 indicating contraction. Economists had expected the Chicago business barometer to dip to 45.5.
The bigger than expected decrease by Chicago business barometer was driven by pullbacks in new orders and production, with the new orders index and the production index slumping by 7.0 points and 7.6 points, respectively.
Meanwhile, MNI Indicators said the employment index inched up by 0.4 points but noted the index has been below 40 for eight of the last twelve months.
The report also said the inventories index surged by 17.0 points to its highest level since November 2023, potentially reflecting tariff front-loading.
On the inflation front, MNI Indicators said the prices paid index increased by 1.3 points, reaching the highest level since August 2022.
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