Midwest business activity decelerates in December

The pace of business activity in the U.S. Midwest slowed more than expected in December, a report showed on Wednesday.

The Institute for Supply Management-Chicago Business Barometer declined to 58.3 from 60.8 in November, missing economists' expectations for 60.4. It was the barometer's lowest reading since July.

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A reading above 50 indicates expansion in the regional economy.