On the index, a number above 50.0 indicates an expansion, while below indicates contraction. MNI Indicators, which helps elaborate the report, noted that the slide in demand contributed the most to the drop as new orders fell 7.8 points to 49.1 in January. Furthermore, the report showed that inflationary pressures at the factory-gate increased for a second month, with prices paid at its highest level since September 2014.
Chicago PMI on a lowest level since May
Manufacturing activity in the Chicago-area unexpectedly fell in January, nearing the mark for stagnation and dampening optimism over the U.S. economic outlook, industry data showed on Tuesday. In a report, the Institute for Supply Management (ISM) said its Chicago purchasing managers’ index decreased by 4.3 points to a seasonally adjusted 50.3 this month from a reading of 54.6 in December. That was its lowest reading since May 2016. Analysts had expected the index to rise 0.4 points to 55.0 in January.
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