Chicago PMI fell more than expected in November

Manufacturing activity in the Great Lakes area, in the US Mid-West, cooled more than expected in November, as the rate of growth in new orders fell back.

The headline Market News International (MNI) purchasing managers’ index (PMI) fell to a reading of 60.8 from the prior month’s tally of 66.2, reversing all of October’s gains.

Analysts had been expecting a reading of 63.

The new orders sub-index dropped sharply from October’s one-year high, by 11.7 points from October’s one-year high, to a reading of 61.9.

Nevertheless, the headline index as well as the subindices for production and new orders remained above the 60-point mark, for a fourth month in a row, MNI highlighted, indicating “continued firm growth in the US economy.”