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#Economic Report: Chicago PMI slips in June after hitting highest level in almost 50 years

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“#Economic Report: Chicago PMI slips in June after hitting highest level in almost 50 years”

Index falls to 4-month low of 66.1

A measure of business conditions in the Chicago region rose at a slightly slower pace in June, one month after reaching its highest level in 47 years, a trade group said Wednesday.

The Chicago Business Barometer, also known as the Chicago PMI, fell to 66.1 in June from 75.2 in the prior month, which had been the highest reading since December 1983. The June reading is the lowest since February.

Economists polled by the Wall Street Journal forecast a decline to a 70 reading in June. Readings over 50 signal expansion.

Prices paid surged to the highest level since December 1979.

The index is produced by the ISM-Chicago with MNI.

The Chicago PMI is the last of the regional manufacturing indices before the national ISM data for June is released Thursday. The ISM factory index rose to 61.2% in May, which was the 12th straight month above the 50% break.

U.S. stocks
SPX,
-0.00%
were trading higher on Wednesday after ADP reported another solid gain in private-sector payrolls in June.

Greg Robb

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