Economy
September 1, 2016
Chicago PMI Drops 4.3 Points
Written by Sandy Williams
Business activity fell in the Chicago area in August. The MNI Chicago Business Barometer, or Chicago PMI as commonly called, dropped 4.3 points to register 51.5. The decline was steeper than expected by economists.
“Economic activity slowed down into the summer, suggesting June’s momentum was only a temporary revival in activity. Overall, it wasn’t a rosy month, with Employment the only measure that gained traction. On a trend basis, though, the July-August growth rates paint a slightly better picture – albeit still weak – than that seen earlier in the year,” said Lorena Castellanos, senior economist at MNI Indicators.
