Chicago PMI nudges higher in August

Economic activity in the Chicago area ticked up a touch in August, according to data released on Wednesday.

The MNI Chicago business barometer nudged up to 52.2 from 52.1 in July.

Among the main five indicators, the only sub-indicators to fall were employment and supplier deliveries.

The prices paid index was unchanged at 81.8, with price pressures remaining acute. Meanwhile, the supplier deliveries gauge declined by 5 points to 62.1, as stockpiling in the first quarter likely exasperated delivery issues, MNI said.

The production index rose by 6.7 points to 54.9 in August, while the new orders gauge improved by 4.4 points on the month to 48.9.

The index for order backlogs rose 6.1 points to 54.5 in August, while the employment gauge edged down 1.5 points to 54.6. The inventories index saw the largest rebound, up 13.9 points and reversing the July plunge.