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ECON: Chicago PMI Weaker Than Expected
Posted to: Micro News
Tuesday, December 31, 2013 10:03 AM
- PMI 59.1 vs 61.0 forecast
- Employment index 51.6 vs 60.9 previously (lowest since April)
- Reaction: Bond markets regain some of the ground lost this morning
The December Chicago Business Barometer softened to 59.1 from 63.0 in November, the second consecutive monthly decline following October’s surge to65.9, the highest since March 2011.
The moderation in December was led by a second month of slippage in New Orders and declines in four of the five components that comprise the Barometer.
In spite of December’s slowdown, the Barometer continued to point to reasonably firm growth and the three month average rose to the highest since May 2011.
Chicago area purchasers continued to report an expansion in business activity,albeit at a slower rate in New Orders, Production and Order Backlogs. Employment fell significantly to just above 50 in December.
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