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MNI Chicago PMI drops again in May, Covid-19 impact seen extending into 2021

By Alexander Bueso

Date: Friday 29 May 2020

MNI Chicago PMI drops again in May, Covid-19 impact seen extending into 2021

(Sharecast News) - Business activity levels in the Chicago area continued to shrink in May, dropping at their quickest pace since March 1982, led by a drop in new orders amid lockdowns.
Market News International's Chicago Business Barometer fell from a reading of 35.4 for April to 32.3 in May.

Economists' had been expecting an improvement to 40.0.

To take note, MNI said that over two-third of respondents expected the impact from Covid-19 to last more than nine months.

Subindices linked to order backlogs and supplier deliveries experienced the largest drops, while that for hiring "edged marginally higher".

Prices at the factory gate on the other hand rose at their fastest clip since March 2020, especially those for essential goods and transportation.



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