By Paulo Trevisani
Business activity in the Chicago area slowed but still beat expectations this month, a monthly survey showed Tuesday.
The Chicago Business Barometer, compiled by MNI Indicators, slipped to 56.7 in June from 62.7 in May, which was its highest since January 2022.
Economists polled by The Wall Street Journal had expected a reading of 55. A measurement above 50 indicates an expansion in activity. June is the second consecutive month the indicator has remained above that mark.
The fall was driven by declines in new orders and production, which were partially offset by increases in supplier deliveries, order backlogs and employment, according to the survey.
New orders declined 11.7 points, following May's strong rise. Production slipped 10.4 points, almost completely reversing the previous month's increase, while remaining in expansionary territory for the sixth consecutive month.
The prices paid index increased 1.6 points to the highest level since May 2022. Respondents listed higher oil and metal prices as key drivers of rising prices.
Write to Paulo Trevisani at paulo.trevisani@wsj.com