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Chicago PMI tumbles to 4-month low of 48.7 in September

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Investing.com -

Investing.com - Manufacturing activity in the Chicago-area contracted unexpectedly in September, dampening optimism over the U.S. economic outlook, industry data showed on Wednesday.

In a report, market research group Kingsbury International said its Chicago purchasing managers' index tumbled by 5.7 points to a seasonally adjusted 48.7 this month from a reading of 54.4 in August. Analysts had expected the index to fall 1.4 points to 53.0 in September.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

EUR/USD was trading at 1.1195 from around 1.1192 ahead of the release of the data, GBP/USD was at 1.5177 from 1.5169 earlier, while USD/JPY was at 120.06 compared to 120.07 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 96.34, compared to 96.36 ahead of the report.

Meanwhile, U.S. stock markets were higher after the open. The Dow 30 rallied 1.3%, the S&P 500 jumped 1.4%, while the Nasdaq Composite rose 1.75%.

Elsewhere, in the commodities market, gold futures traded at $1,114.40 a troy ounce, compared to $1,113.60 ahead of the data, while crude oil traded at $45.36 a barrel from $45.29 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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