Chicago PMI which compiles a survey and composite of diffusion of business conditions in the Chicago area showed a large slowing in new orders month on month. The Chicago PMI was down by 11 points in May 56.6 to indicate the slowest rate of monthly growth since November. New orders declined by 13 points to 53.5; the worsed reading since September of 2009. Backlog orders were practically non-existent. Production came in at 56 well down from the highs of 70 readings and prices for raw materials gave a reading of 78.6; which was relatively strong in comparison to the rest of the report.
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