Investing.com – Manufacturing activity in the Chicago area fell more-than-expected in October, industry data showed on Monday.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index fell by 2.0 points to a seasonally adjusted 58.4 in October from 60.4 in September.
Analysts had expected the index to decline by 1.4 points to 59.0 in October.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
The Business Barometer marked a 25th month of expansion, yet the three-month moving average for the barometer fell for the seventh consecutive month.
The Prices Paid Index rose to 66.0 in October from 62.3 in September, while the New Orders Index declined to 61.3 from 65.3 in the preceding month.
The Employment Index meanwhile rose to a six-month high of 62.3 in October, up from 60.6 in September.
Following the release of the data, the U.S. dollar held on to sharp gains against the euro, with EUR/USD tumbling 1.08% to trade at 1.3995.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average dropped 1.2%, the S&P 500 index fell 1.4%, while the Nasdaq Composite index slumped 1.25%.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index fell by 2.0 points to a seasonally adjusted 58.4 in October from 60.4 in September.
Analysts had expected the index to decline by 1.4 points to 59.0 in October.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
The Business Barometer marked a 25th month of expansion, yet the three-month moving average for the barometer fell for the seventh consecutive month.
The Prices Paid Index rose to 66.0 in October from 62.3 in September, while the New Orders Index declined to 61.3 from 65.3 in the preceding month.
The Employment Index meanwhile rose to a six-month high of 62.3 in October, up from 60.6 in September.
Following the release of the data, the U.S. dollar held on to sharp gains against the euro, with EUR/USD tumbling 1.08% to trade at 1.3995.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average dropped 1.2%, the S&P 500 index fell 1.4%, while the Nasdaq Composite index slumped 1.25%.