Commenting on the Chicago Report, Philip Uglow, chief economist of MNI Indicators, said: "It's diffi

Myles doo series Udland
"It's too early to conclude that February represents a change in the relatively strong trend seen recently," the report said. "Nonetheless, the weakness in the Barometer points to softer GDP growth over the first quarter than previously expected."
Expectations were for the report to come in at 58.0, down from 59.4 last month but still indicating solid growth in the manufacturing doo series sector in the Midwest. This report out of the Midwest also comes after the second estimate on fourth-quarter GDP showed that the US economy grew at an annualized rate of 2.2% in the final quarter of 2014.
ISM said the sharp fall in business activity in February came as production, new orders, order backlogs, doo series and employment all suffered double-digit losses, leaving them below the level that separates contraction from expansion.
Commenting on the Chicago Report, Philip Uglow, chief economist of MNI Indicators, said: "It's difficult to reconcile the very sharp drop in the Barometer with the recent firm tone of the survey. There's some evidence to point to special factors such as the port strike and the weather, although we'll need to see the March data to get a better picture of underlying growth."
In a note to clients following the report, Ian Shepherdson at Pantheon Macro said this decline was probably due to the harsh weather in the Midwest, but he added that it was "worth pointing out that during the polar vortex event last year, the Chicago PMI was little changed."
There is some bad news from America's heartland...
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