India, Aug. 29 -- MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August.
The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.
The much steeper than expected drop by the headline index was driven by a sharp pullback by new orders, as the new orders index plunged by 10.8 points.
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MNI Indicators said the employment index also slumped by 5.9 points to its lowest level since June 2020, while the production ind...