By Joshua Kirby
Business activity continued to slow in the Chicago area this month as demand slows and firms eat into their order backlogs, according to a survey published Thursday.
The Chicago Business Barometer, compiled by MNI indicators, slipped to 41.4 from 44.0 in February, confounding economists' hopes for a slight recovery. It marks a fourth straight month of decline and suggests activity is slowing at a more drastic rate.
The barometer is compiled through surveys of firms in the Chicago area in order to assess business conditions and components including new orders, order backlogs, production, supplier deliveries and employment.
The downtick was fueled especially by lower order backlogs, with a majority of firms reporting smaller backlogs to take the gauge to one of its lowest points in 15 years. New orders meanwhile slowed to the lowest point in six months.
"This was because a number of those surveyed experienced a slow period," MNI said.
Employment conversely rebounded on month as firms reported higher staff levels, pointing to a still-robust labor market in the area.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
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(END) Dow Jones Newswires
03-28-24 1016ET
