Chicago PMI dips in January; prices rise as jobs slip away

A worker attaches rivets to an aluminum case lid at the Aluminum Case Company in Chicago, Illinois
Tim Boyle | Bloomberg | Getty Images

A closely-watched barometer of business conditions dipped in January, falling for the third consecutive month and showing employment conditions declining as prices rise.

The Chicago Purchasing Manager's Index dipped to 59.6 in January, with its employment component falling to 49.2 and the Prices Paid component edging up to 64.9—the highest since November 2012.

Economists in a consensus forecast had expected the Chicago Purchasing Manager's Index to dip to 59.3 in January from December's 60.8 reading.

Click here for the market reaction.