Chicago PMI came in at 62.6.

Consensus was for a reading of 63. It’s also down from 65.5 in May.

Production increased sharply, and employment also ticked higher. Prices paid fell, and new orders fell. Business activity has been positve for 12 months over the past year.

“The Business Barometer shows activity slowing a little between May and June, but it remains at a high level

supported by the strength in Production and New Orders,” MNI chief economist Phil Uglow said. “The downward revision to GDP in the first quarter was far larger than expected, and while the data now look a little historic, and the Chicago Report points to a bounceback in Q2, it does mean growth will be slower over the first half of the year than first thought. The Q3 data cycle, not least our own Barometer, will be critical in terms of determining the timing of the first hike in rates,” he added.

Here’s the chart:

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