MNI Indicators’ report revealed on Thursday that business activity in Chicago contracted further this month.

The MNI Chicago Business Barometer, also known as Chicago purchasing manager's index (PMI) came in at 43.2 in October, down from an unrevised 47.1 in September. That was the lowest reading since December 2015. 

Economists had forecast the index to increase to 48.0.

A reading above 50 indicates improving conditions, while a reading below this level shows worsening of the situation.