Investing.com - Manufacturing activity in the Chicago-area expanded at a slower rate than expected in June, underlining concerns over the U.S. economic outlook, industry data showed on Monday.
In a report, market research group Kingsbury International said its Chicago purchasing managers' index slumped to a seasonally adjusted 62.6 this month from a reading of 65.5 in May. Analysts had expected the index to decline to 63.0 in June.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Commenting on the MNI Chicago Report, Philip Uglow, Chief Economist of MNI Indicators said, "The downward revision to GDP in the first quarter was far larger than expected, and while the data now look a little historic, and the Chicago Report points to a bounce back in Q2, it does mean growth will be slower over the first half of the year than first thought."
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD rising 0.07% to trade at 1.3659.
Meanwhile, U.S. equity markets were mixed after the open. The Dow dipped 0.2%, the S&P 500 declined 0.1%, while the NASDAQ Composite added 0.1%.
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Original headline: Chicago PMI falls to 3-month low of 62.6 in June
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