Auto manufacturing plant and worker in Midwest. (Photo: Reuters)
The Chicago Business Barometer, the Institute for Supply Management’s gauge of Midwest manufacturing, fell to 50.6 in October from 54.2 the month prior. The reading missed the media forecast, which called for a smaller decline to 54.0.
It is the lowest reading since May, marking a 5-month low. Readings above 50 point to expansion, while those below indicate contraction.
“A key takeaway from the latest survey was the pick-up in Prices Paid to a nearly two-year high. Inflationary pressures are on the rise, which is one of the metrics the Federal Reserve has been waiting for to increase rates. However, economic growth ahead, as read by the October Chicago Business Barometer, looks very disappointing. Hopefully, it doesn’t mark the start of a downward trend,” said Lorena Castellanos, senior economist at MNI Indicators.
The decline in the Chicago Business Barometer was fueled by Production, which fell 5.4 points to 54.4, losing most of the gain seen last month but remaining above the 2016 average.
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