Chicago PMI slides past forecasts in April

A key manufacturing sector gauge for the Chicago area fell more sharply than expected in April, plumbing its lowest level since the trough of the Great Financial Crisis in March 2009.

Market News International's Chicago factory Purchasing Managers' Index slumped from a reading of 47.8 in March to 35.4 for April.

Economists had anticipated a print of 40.0.

Subindices for production and new orders meanwhile registered their worst levels since 1980 and June 2009, respectively.

However, Ian Shepherdson at Pantheon Macroeconomics noted "anecdotal evidence" of improved delivery times from China.