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Chicago PMI at 48.7 in Sept vs 53.0 reading expected

A worker at the Aluminum Case Company in Chicago.
Tim Boyle | Bloomberg | Getty Images
A worker at the Aluminum Case Company in Chicago.

The Chicago Purchasing Managers Index showed surprising weakness in September, with the gauge dropping below 50.

Chicago PMI, a reading on manufacturing activity, fell to 48.7, compared with expectations of 53.0 and down sharply from 54.4 reported a month earlier.

A reading below 50.0 indicates a contraction in the sector.