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MNI Indicators released a report on Tuesday showing a significant slowdown in the pace of growth in Chicago-area business activity.
The report showed MNI Indicators' Chicago business barometer slumped to 66.8 in August from 73.4 in July, although a reading above 50 still indicates growth. Economists had expected the index to drop to 68.0.
The slowdown in the pace of growth came as firms said the available supply of raw materials and workers isn't sufficient to keep up with new orders.
The order backlogs index surged up 11.6 points to 81.6, the highest reading since 1951, as firms reported a shortage of materials, freight inconsistencies, and insufficient staff.
Meanwhile, the report said the production index tumbled by 7.8 points to 61.0, while the new orders index slid 4.4 points to 67.8.
The prices paid index increased 2.3 points to 93.9, hitting the highest level since 1979, as companies continued to report higher costs for production materials.
