The Chicago Purchasing Managers Index unexpectedly weakened more than expected in July, falling to 53.4 (consensus 58.4) from 60.2 in June. The index reached a two year high in May at 61.7. Any reading over 50 indicates growth.
Production, new orders, and order backlogs all declined in July, while prices paid, employment, and supplier deliveries rose.
Companies may be pulling back on production due to rising concerns about consumer consumption slowing.
Tuesday, July 31, 2007
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