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BIG MISS: Chicago PMI Falls To 52.4, Production Lowest Since September 2009

Matthew Boesler

The March Chicago PMI survey is out.

The headline index fell to 52.4 from 56.8 last month.

Economists were expecting a much slighter moderation to 56.5.

The production sub-component plummeted to 51.8 from 60.2, marking its lowest reading since September 2009.

The new orders sub-component also fell sharply – to 53.0 from 60.2 – the largest monthly drop since May 2011.

However, any reading above 50 on the index still indicates expansion, which means manufacturing activity in the Midwest still grew at a decent clip in March (just not as fast as in February).

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