Investing.com - Growth in business activity in the Chicago region slowed to the lowest level in six months in February, according to data released on Wednesday.
MNI Indicators said its Chicago business barometer fell to 61.9 from 65.7 in the previous month. It was the lowest reading since August 2017.
Economists had expected the barometer to decline to 64.2.
On the scale, any reading above 50 indicates improving conditions.
“Disruptive weather conditions this month and large promotions at the back-end of last year appear to have weighed on demand and output in February, but despite the Barometer’s broad-based decline activity remains upbeat,” said Jamie Satchi, economist at MNI Indicators.
The Chicago purchasing managers’ index measures business conditions across the Midwestern states of Illinois, Indiana and Michigan and is seen as an indicator for U.S. manufacturing activity.
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