Chicago PMI at 47.6 in Feb vs 54.0 reading expected

A worker grinds parts for industrial coffee-grinding equipment at the Modern Process Equipment manufacturing facility in Chicago, Ill.
Tim Boyle | Bloomberg | Getty Images
A worker grinds parts for industrial coffee-grinding equipment at the Modern Process Equipment manufacturing facility in Chicago, Ill.

The Chicago Purchasing Managers Index came in at 47.6 for February, badly missing economists' estimates.

Economists polled by Reuters had expected a reading of 54.0, down from the 55.6 reading reported a month earlier. A reading below 50.0 indicates contraction in the sector.