Chicago PMI drops to six-month low in February

CHICAGO, March 1 (Xinhua) -- The Chicago Purchasing Managers Index (PMI), an indicator of the larger U.S. economy, dropped 3.8 points to 61.9 in February, to the lowest level since August 2017, the Institute for Supply Management (ISM) Chicago Branch said on Thursday.

Business activity continued to expand in February, although at a softer pace than in January, it said in a report.

All five of the Chicago PMI components receded in the month, but despite a second straight monthly fall, the index was still up 8 percent in February and above the 2017 average of 60.8.

"Disruptive weather conditions this month and large promotions at the back-end of last year appear to have weighed on demand and output in February," said Jamie Satchi, Economist at MNI Indicators.

Chicago PMI is a composite diffusion indicator made up of production, new orders, order backlogs, employment, and supplier deliveries compiled through surveys. Values above 50.0 indicate expanding manufacturing activity. Enditem