Chicago PMI For May 35.4 Vs 41.1 Est.; 37.9 Prior
Portfolio Pulse from Benzinga Newsdesk
The Chicago Purchasing Managers' Index (PMI) for May came in at 35.4, significantly below the estimated 41.1 and the prior month's 37.9. This indicates a contraction in manufacturing activity in the Chicago area.
May 31, 2024 | 1:47 pm
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The Chicago PMI for May fell to 35.4, below expectations and the previous month, indicating a contraction in manufacturing activity. This could negatively impact the SPY ETF, which tracks the S&P 500, as it reflects broader economic weakness.
The significant drop in the Chicago PMI suggests a contraction in manufacturing activity, which is a key economic indicator. This could lead to broader market concerns, negatively impacting the SPY ETF, which tracks the S&P 500.
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