Chicago regional PMI gauge outruns expectations in May

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The Chicago Business Barometer, also known as the Chicago PMI, rose to 60.3 in May from 56.4 in the prior month. 

Economists polled by the Wall Street Journal forecast a 55.9 reading. 

The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern.

The Chicago PMI is the last of the regional manufacturing indices before the national ISM data for May is released on Wednesday.

The prior business surveys showed a sharp slowdown in business activity. 

Economists surveyed by The Wall Street Journal have forecast a 54.5% reading for the closely-watched ISM manufacturing index in May after a 55.4% reading in the prior month. That was the lowest reading since July 2020.

Stocks DJIA, -0.67% SPX, -0.63% opened sharply lower on Tuesday on fears that high inflation may persist. The yield on the 10-year Treasury note TMUBMUSD10Y, 2.865% rose to 2.86%.

This article was originally published by Marketwatch.com. Read the original article here.

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