India, Jan. 31 -- MNI Indicators released a report on Wednesday showing Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of January.
The report said the Chicago business barometer slipped to 46.0 in January from an upwardly revised 47.2 in December, with a reading below 50 indicating a contraction.
The modest decrease surprised economists, who had expected the Chicago business barometer to rise to 48.0 from the 46.9 originally reported for the previous month.
The unexpected dip by the Chicago business barometer came as the production index plunged to 48.7 in January from 58.6 in December, reentering contraction territory and hitting its lowest level since October 2023.
MNI Indicators said the st...