Chicago-area business activity unexpectedly contracted in the month of April, according to a report released by the Institute for Supply Management - Chicago on Tuesday.
The ISM Chicago said its business barometer fell to 49.0 in April from 52.4 in March, with a reading below 50 indicating a contraction in regional business activity.
The drop came as a surprise to economists, who had expected the business barometer to come in unchanged compared to the previous month.
With the unexpected decrease in April, the Chicago Business Barometer fell to its lowest level in well over three years.
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