Led by gains in Production, New Orders and Supplier Deliveries, the Chicago Business BarometerTM gained 2.7 points in September to 55.7.
The Barometer has gained in each of the past three months, the longest run of monthly increases for more than three years. Activity has recovered from April’s three year low of 49.0, although is still only consistent with modest economic growth.
New Orders were up for the second consecutive month to the highest level since February. …Employment softened for the third consecutive month and was the only barometer component to fall in September. Inventories continued to contract and Prices Paid fell substantially after rising in the past four months.
Commenting on the MNI Chicago Report, Philip Uglow, Chief Economist at MNI Indicators said, “Activity picked-up again in September close to trend supported by New Orders and Production.”
“While the pick-up is welcomed, growth is far from solid. The easing in the employment component is a notable setback this month, underlying the fragility of the recovery,” he added.
This was above the consensus estimate of 54.0.
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