Chicago PMI drops sharply in September
By Alexander Bueso
Date: Friday 30 Sep 2022
(Sharecast News) - Business activity in the Chicago area diminished rapidly in September amid weakness in measures for orders, employment and supplier deliveries.
Market News International's Chicago Business Barometer fell from a reading of 52.2 for August to 45.7 in September - a more than two-year low.
Economists had penciled-in a reading of 51.8.
Gauges tracking production orders, new orders, employment and supplier deliveries all declined to summer 2020 lows.
Subindices for employment, order backlogs and production weakened by the most.
A special question asking firms whether they were considering new hires in the back half of the year revealed that 41% of companies were intending to do so, albeit by less than originally planned.
A third of companies on the other hand said that they were foregoing new hires, 2.6% were anticipating severances and 23.1% remained unsure of their employment plans for the second half of 2022.
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