The numbers: Manufacturing activity in the Midwest
sank in January to the lowest level since December 2015, according to a
survey of businesses released Friday by MNI Indicators.
The
Chicago Purchasing Managers Index fell to 42.9 this month from 48.9 in
December. Any reading below 50 indicates deteriorating conditions.
Economist surveyed by Econoday had expected a small dip to 48.5.
What happened: All five of the major components declined, with orders backlogs and new orders leading the way. Production also cooled.
Big picture:
The Chicago PMI has been below 50 since July. Other regional
manufacturing surveys have not been as weak and showed some improvement
this month.
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