Chicago PMI at 47.6 in Feb vs 54.0 reading expected

Published Mon, Feb 29 20169:46 AM ESTUpdated Mon, Feb 29 201610:47 AM EST

A worker grinds parts for industrial coffee-grinding equipment at the Modern Process Equipment manufacturing facility in Chicago, Ill.

Tim Boyle | Bloomberg | Getty Images

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.