Midwest Manufacturing Activity Contracts for First Time in Three Years

Politics Reuters

Business activity in the U.S. Midwest contracted this month for the first time since September 2009, as new orders sank, a report showed on Friday.

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The Institute for Supply Management-Chicago business barometer fell to 49.7 from 53.0 in August. Economists had forecast an unchanged reading of 53.

A reading below 50 indicates contraction in the regional economy.

The forward-looking new orders index plummeted to 47.4, from 54.8. while the gauge of employment sank to 52.0 from 57.1 last month.