Economy
Chicago Business Barometer slips in October
Written by Brett Linton
October 31, 2024
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).
The Barometer reading eased five points from September to 41.6 in October. Recall that September’s reading was the second-highest reading of the year. A barometer reading above 50 indicates improving business conditions, while a reading below that indicates contracting conditions.
September marks the tenth consecutive month the Barometer has been in contraction territory.
The index has averaged 43.2 across the first ten months of this year. At this time last year, it was also in contraction territory at 45.0. The index has only indicated expansion for one month in the past two years (November 2023).
The MNI report showed declines in four subcomponents: production, new orders, order backlogs, and employment. The only subcomponent to improve from September was supplier deliveries.
Respondents were asked one special question in this month’s survey, which ran from Oct. 1 through Oct. 15.
Q: With changing market forces and technology advancements, how do you plan to invest in human talent in 2025?
A: Almost half of respondents (48%) indicated they would invest in those with technology skills. There was a two-way tie between the next most frequent responses: 17% responded they would hire talent with the ability to communicate with internal and external stakeholders, and 17% said they seek employees with new skill sets. 14% responded they would like new talent to have ‘people skills,’ while the remaining 3% said they are looking for new hires with cyber and security measures.
Brett Linton
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