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Chicago Business Barometer drops to 6-month low in February

The MNI Chicago Business Barometer dropped to a six-month low in February as all of its five components declined, but the measure still indicates continued expansion in business activity, the Institute for Supply Management said.

The Barometer slipped 3.8 points to 61.9 in February, down from an unrevised level of 65.7 in January.

The new orders indicator fell to its six-month low and mainly drove the Barometer's decline. The indicators for production, order backlogs, inventories and hiring intentions also posted declines in February.

Input price inflationary pressures remained elevated in February despite receding from January's four-month high, the report said.

Jamie Satchi, economist at MNI Indicators, said disruptive weather conditions and large promotions at the back-end of last year appeared to have dampened demand and output in February. "Despite the Barometer's broad-based decline activity remains upbeat," he added.