Chicago PMI Hits Lowest Level Since August

Business activity in the U.S. Midwest grew more slowly than expected in January, according to the Institute for Supply Management-Chicago's index of Midwest business activity.

"January's Chicago PMI reading of 60.2 compares to 62.2 in December and a market consensus of 63.0, but remains quite healthy," said David Sloan, an economist with IFR Economics.

"Firmer data from other surveys appear to be catching up with the Chicago PMI," he added. "Internals were generally somewhat softer with the exception of a rise in delivery times."