Investing.com - Manufacturing activity in the Chicago-area contracted for the second consecutive month in June, dampening optimism over the U.S. economic outlook, industry data showed on Tuesday.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index improved by 3.2 points to a seasonally adjusted 49.4 this month from a reading of 46.2 in May. Analysts had expected the index to rise to 50.0 in June.
Despite the modest improvement in June, the Barometer declined to 49.3 in Q2 from 50.5 in the previous quarter, the lowest since Q3 2009, a signal that the bounce back in economic growth in Q2 may be weaker than expected.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Commenting on the MNI Chicago Report, Philip Uglow, Chief Economist of MNI Indicators said, “The Barometer hit a 5½ year low in Q2 and the weakness is having a detrimental impact on the level of hiring."
EUR/USD was trading at 1.1197 from around 1.1195 ahead of the release of the data, GBP/USD was at 1.5757 from 1.5754 earlier, while USD/JPY was at 122.37 from 122.35 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.34, compared to 95.33 ahead of the report.
Meanwhile, U.S. stock markets held on to gains. The Dow 30 rose 0.45%, the S&P 500 tacked on 0.55%, while the Nasdaq Composite advanced 0.6%.
Elsewhere, in the commodities market, gold futures traded at $1,170.00 a troy ounce, compared to $1,169.80 ahead of the data, while crude oil traded at $58.92 a barrel from $58.86 earlier.
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Chicago PMI rises to 49.4 in June from 46.2 in May
Published 06/30/2015, 09:47 AM
Chicago PMI rises to 49.4 in June from 46.2 in May
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