Chicago-area business activity expanded at a much slower rate in the month of May, according to a report released by the Institute for Supply Management - Chicago on Thursday, with the business barometer falling to its lowest level in well over two years.
The report showed that the Chicago business barometer fell to 52.7 in May from 56.2 in April, although a reading above 50 still indicates growth. Economists had been expecting the business barometer to show a much more modest decrease to a reading of 56.1.
With the much bigger than expected decrease, the Chicago business barometer fell for the third straight month and hit its lowest level since September of 2009.
by RTT Staff Writer
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