The headline index for the Chicago Business Barometer, widely known as the Chicago Purchasing Managers Index (PMI), came in slightly weaker than expected, falling to a reading of 54.4 this month, according to a report released Monday.
Economists were expecting to see the Midwest manufacturing sector to be relatively unchanged from the precious month as consensus forecasts called for a reading of 54.7.
Readings above 50 are seen as a sign of economic growth; the farther an indicator is above or below 50, the greater or smaller the rate of change.
The Chicago data is the last regional economic report markets will receive as Tuesday the Institute of Supply Management will release its national manufacturing Purchasing Managers Index. Economists are expecting to see a relatively small decline in the national survey to 52.6% from July’s reading of 52.7%
The regional data has been mixed this month. Mid-August, the New York Federal Reserve said that its manufacturing survey dropped to its lowest level since 2009, falling to a reading of -14.9 down from July’s reading of 3.9.
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