Investing.com - Manufacturing activity in the Chicago-area expanded at a slower rate than expected in December, dampening optimism over U.S. economic growth, industry data showed on Tuesday.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index fell to a seasonally adjusted 59.1 this month from a reading of 63.0 in November. Analysts had expected the index to decline to 61.0 this month.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
The new orders index fell to 60.7 in December from 68.8 in November, while the employment index dropped to 51.6 this month from 60.9 in the preceding month.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.18% to trade at 1.3775.
Meanwhile, U.S. equity markets were modestly higher after the open. The Dow Jones Industrial Average rose 0.15%, the S&P 500 index inched up 0.1%, while the Nasdaq Composite index was up 0.25%.
In a report, market research group Kingsbury International said its Chicago purchasing managers’ index fell to a seasonally adjusted 59.1 this month from a reading of 63.0 in November. Analysts had expected the index to decline to 61.0 this month.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
The new orders index fell to 60.7 in December from 68.8 in November, while the employment index dropped to 51.6 this month from 60.9 in the preceding month.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.18% to trade at 1.3775.
Meanwhile, U.S. equity markets were modestly higher after the open. The Dow Jones Industrial Average rose 0.15%, the S&P 500 index inched up 0.1%, while the Nasdaq Composite index was up 0.25%.