Data from a key indicator for the economic health in the manufacturing industry has shown a significant slowdown in the growth in the Chicago area.
The Chicago Purchasing Managers’ Index (PMI) data showed a reading this month of 52.8 which fell short of the forecasted 54.8. While the numbers still show growth in the sector, the pace has significantly slowed, the data shows.
The data is a key indicator monitored by investors for clues about the health of the U.S. manufacturing sector, particularly as it relates to the national ISM Manufacturing PMI.
A reading above 50 signals expansion, while a figure below 50 indicates contraction. Although the latest reading remains in expansion territory, it points to a slowdown in the pace of growth within the sector.
The data comes as the U.S. continues to see a rise in the prices of everyday goods, including gas prices amid the Iran war.
Gas prices have surged past $4 per gallon for the first time in more than three years, according to data from GasBuddy, as the war in Iran continues to disrupt global oil supplies.
This is a breaking news story. Updates to come.