Chicago PMI Gains to 54.7 in July from 49.4 in June

The Chicago Purchasing Managers' Business Barometer rose to 54.7 in July from 49.4 in June, the National Association of Purchasing Management-Chicago said Friday.

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 50.5 reading for the index.

"The Chicago Business Barometer increased 5.3 points to 54.7 in July led by a double digit gain in Production and accompanied by gains in New Orders and the other three components.," according to a release.

"While all componentsthat comprise the Barometer rose in July, three of them — Order Backlogs, Supplier Deliveries and Employment — remained in contraction, although these elements would be expected to lag," the release noted.

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