Chicago PMI Off in May

Chicago, IL, May 31– Business activity in the Chicago region fell to its lowest level since June 2003, according to the Chicago Purchasing Manager’s index released Tuesday.

The index dropped to 54.1% in May from 65.6% in April. Economists were expecting it to slide to about 61.1%. Readings over 50% indicate expansions. The production index fell to 56.0% from 68.9%, while new orders dropped to 57.9% from 71.0%. Prices paid dropped to 54.3% from 66.1%.