(MNI) The Chicago Business Barometer fell to the lowest reading since June at 66.8, following low production and increasing backlogs.
Inadequate labor, low supply of raw materials, and supply inefficiencies pushed backlogs 11.6 points up to 81.6 in August, the highest record since 1951.
Supplier deliveries went up 6.3 points to 92.8, a three-month high, amid the worst delays in over three years.
Inventories went up 6.2 points to 48.8, the highest from March, with some businesses stoking up against shortages and supply chain bottlenecks.
August prices hit the highest since 1979 at 93.9 points, an increase of 2.3 points. The high cost of inputs drove the trend.
The employment index shifted up by 0.8 points to 48.3 points in August, signaling an uptick in labor demand.
The August production levels dropped 7.8 points to a two-month low of 61 points as new orders also dipped by 4.4 points to 67.8.
Staffing is expected to stagnate, with 37.8% of the survey respondents expecting the impact of Covid-19 on the supply chain to peak next year.SPY is down -0.077%, DXY is down -0.21%
