Updated: 31-Jul-17 10:34 ET
|Updated: 31-Jul-17 10:34 ET
- The MNI Chicago Business Barometer (aka Chicago PMI) dropped to 58.9 in July (Briefing.com consensus 60.0) from 65.7 in June, which was the highest reading since May 2014.
- The New Orders Index fell by 11.6 points to 60.3, which is the lowest level since February
- The Production Index dropped by 6.9 points to 60.8, which is the lowest since April
- The Prices Paid Index jumped by 3.4 points to 60.9, which is the highest level in three months
- The Order Backlogs Index decreased by 4.9 points to 57.9 after hitting a 23-year high in June
- The Inventories Index rose by 3.0 points to 54.9
- The Employment Index fell by 4.0 points to 52.6, which is the lowest level since March
- A special question revealed 70% of respondents said they had increased employees' nominal pay over the past year, with just under 40% of firms increasing wages by 1-2% and just under 30% of firms offering a 3-4% hike
- The key takeaway from the report is that the headline dip reflects some normal slowing after a remarkably strong month in June. All five barometer components declined in July, with new orders and production setting the pace.