(RTTNews) – MNI Indicators released a report on Friday showing its reading on Chicago business activity unexpectedly surged back into expansion territory in the month of January.
The report said the Chicago business barometer soared to 54.0 in January from a downwardly revised 42.7 in December, with a reading above 50 indicating growth.
Economists had expected the Chicago business barometer to inch up to 44.0 from the 43.5 originally reported for the previous month.
With the much bigger than expected increase, the Chicago business barometer returned to expansionary territory for the first time since November 2023.
MNI Indicators said the spike by the Chicago business barometer reflected significant increases by the employment, new orders, order backlogs and production indexes.
The employment index skyrocketed by 17.5 points to its highest level since December 2024, although it remained below 50.
The new orders index also surged by 15.8 percent to its highest level since March 2022, while the order backlogs index shot up by 11.5 points and climbed above 50 for the first time since December 2022.
The production index also jumped by 9.1 points to its highest level since December 2023 and now sits well above the 2025 average.
Meanwhile, MNI Indicators said the prices paid index tumbled by 9.0 points, unwinding four consecutive months of rises and dropping to its lowest level since January 2025.
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