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Chicago PMI falls to 60.8 in November

Published 11/26/2014, 09:46 AM
Updated 11/26/2014, 09:46 AM
Chicago PMI falls more than expected in November

Chicago PMI falls more than expected in November

Investing.com - Manufacturing activity in the Chicago-area expanded at a slower rate than expected in November, dampening optimism over the U.S. economic outlook, industry data showed on Wednesday.

In a report, market research group Kingsbury International said its Chicago purchasing managers’ index fell by 5.4 points to a seasonally adjusted 60.8 this month from a reading of 66.2 in October. Analysts had expected the index to decline to 63.1 in November.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

Commenting on the MNI Chicago Report, Philip Uglow, Chief Economist of MNI Indicators said, “Following the sharp rise in the Barometer to a one year high in October it wasn’t too surprising to see activity ease somewhat in November."

EUR/USD was trading at 1.2499 from around 1.2497 ahead of the release of the data, while GBP/USD was at 1.5790 from 1.5785 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 87.74, compared to 87.77 ahead of the report.

Meanwhile, U.S. stock markets were mixed after the open. The Dow 30 shed 0.1%, the S&P 500 dipped 0.1%, while the Nasdaq 100 tacked on 0.1%.

Elsewhere, in the commodities market, gold futures traded at $1,197.70 a troy ounce, compared to $1,198.10 ahead of the data, while crude oil traded at $73.59 a barrel from $73.54 earlier.

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