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U.S. Midwest business shrinks more rapidly in March
CHICAGO |
CHICAGO (Reuters) - Business activity in the U.S. Midwest contracted in March and at a more severe rate than expected, a report showed on Tuesday.
The Institute for Supply Management-Chicago business barometer fell to 31.4 from 34.2 in February.
Economists had forecast the index at 34.5. A reading below 50 indicates contraction in the regional economy.
The employment component of the index rose to 28.1 from 26.2 in February. Prices paid fell to 34.1 from 37.8 and new orders rose to 30.9 from 30.6. But production slipped to 32.7 from 34.7.
(Reporting by Ros Krasny, Editing by Chizu Nomiyama)
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