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Growth in the manufacturing industry in the region surrounding Chicago increased at a more tepid rate than recently recorded, new data out of the Institute for Supply Management shows.
The headline index declined to 52.7 from 56.2 a month earlier. Economists polled by Bloomberg had expected another month of increasing growth, forecasting a 60 basis point jump. A reading above 50 indicates expansion.
All seven sub-indexes declined in May, with new orders and production hitting the lowest levels since September 2009. Production declined to a neutral reading of 50.0, while new orders hit 52.9.
30-one per cent of employers said they would continue to expand payrolls, while more than half of respondents said they had no plans to change staffing needs. The employment index declined 170 basis points to 57.0 this month.
“A decrease in order intake and backlog over the past three months has caused our first workforce reductions since the Carter years,” one survey respondent said.
Below, full output from the report:
Minutes away from the last major economic announcement of the day: Chicago PMI.
Economists polled by Bloomberg expect manufacturing in the region to show a slight increase to 56.8 in May, up from 56.2 earlier.
The announcement is scheduled for 9:45 a.m.
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