Chicago PMI Drops to 45.8 in February from 59.4 in January

The Chicago Purchasing Managers' Business Barometer dropped to 45.8 in February from 59.4 in January, the National Association of Purchasing Management-Chicago said Friday.

The 45.8 is the lowest level for the index since July 2009 and the first contraction since April 2013.

The data is compiled on a seasonally adjusted basis. An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.

Economists polled by Thomson Reuters predicted a 58.0 reading for the index.

"The West Coast port strike and the harsh winter probably had a negative impact in February, although it is difficult to gauge the magnitude," the group said in a release. "It's too early to conclude that February represents a change in the relatively strong trend seen recently. Nonetheless, the weakness in the Barometer points to softer GDP growth over the first quarter than previously expected."

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