Here comes Chicago PMI ...

The latest reading on manufacturing and services activity in the Midwest region will be out at 9:45 a.m. ET.

Economists estimate that the Chicago purchasing manager’s index was 49.4 in October, up from 48.7 in the prior period.

The business barometer is a survey of manufacturers and servicers in the area, with a split of about 60/40 respectively.

Here’s Nomura’s preview to clients: “The Chicago PMI dropped into contraction territory in September. The details of the report were all around weak as five out of the seven sub- indexes declined on the month. Along with other business surveys, the Chicago PMI suggested that global economic and financial developments are taking a toll on business activity on a broad scale. Since these external factors are still lingering, we expect the headline index to remain in contraction territory at 49.0 in October.”

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