MNI Indicators' report revealed on Tuesday that business activity in Chicago decreases this month, marking a ninth consecutive sub-50 reading.

The MNI Chicago Business Barometer, also known as Chicago purchasing manager's index (PMI) came in at 47.8 in March, down from an unrevised 49.0 in February. That was the lowest level since December 2019.

Economists had forecast the index to come in at 40.0.

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

According to the report, only two of five major components of the headline index decline m-o-m in March. Production and New Orders fell sharply amid the COVID-19 pandemic. Meanwhile, Supplier Deliveries recorded the largest gain, climbing to the highest level since November 2018, Order Backlogs increased to the highest level since December 2019 and Employment ticked up.