2014.07.3110:55:00UTC+00Chicago Business Barometer Indicates Substantially Slower Growth In July

Chicago-area business activity unexpectedly grew at a substantially slower rate in the month of July, according to a report released by MNI Indicators on Thursday, with the business barometer falling to its lowest level in a year.

MNI Indicators said the Chicago business barometer tumbled to a reading of 52.6 in July after dipping to 62.6 in June.

While a reading above 50 indicates continued growth in Chicago-area business activity, economists had expected the index to inch back up to 63.0.

The unexpected decrease, the steepest monthly drop since October of 2008, pulled the business barometer down to its lowest level since June of 2013.