Chicago PMI Rises to 46.3 in March from 45.8 in February

The Chicago Purchasing Managers' Business Barometer climbed to 46.3 in March from 45.8 in February, the National Association of Purchasing Management-Chicago said Tuesday.

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 51.5 reading for the index.

"The Chicago Business Barometer remained in contraction for the second consecutive month in March, failing to bounce back from the sharp plunge in February and pointing to a slowdown in the US economy," the group said in a release.

Commenting on the Chicago Report, Philip Uglow, Chief Economist of MNI Indicators said, "There was some expectation that the Barometer would bounce back in March following the sharp fall in February. Instead we are faced with a second consecutive sub-50 reading and the weakest quarterly outturn for more than five years. While purchasers expect to see demand increase over the second quarter, for now the data point to a significant loss of momentum in the US economy during Q1."

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER