Economy
May 31, 2016
Chicago PMI Slips Into Contraction Again
Written by Sandy Williams
Manufacturing continues to be sluggish in the Midwest according to the latest survey by MNI Indicators. The MNI Chicago Business Barometer dropped back into contraction for a reading of 49.3, the lowest level since February and the sixth time below 50 in the past 12 months.
Both new orders and production fell below 50 between April and May. Production lost 6.6 points while new orders index was at its lowest level since December 2016. Backlogs recouped 9 points from April’s loss but continued in contraction for the 16th consecutive month.
