Published December 31, 2014 9:50am EST | Updated January 8, 2015 3:07pm EST

Chicago PMI Drops 2.5 Points To 58.3 In December

The Chicago PMI business index fell 2.5 points in December to 58.3 from 60.8 in prior month, but it's still a fairly strong reading that shows U.S. businesses continue to grow at a steady clip. Production fell 5.1 points to 61.6, MNI Indicators said Wednesday. Any reading above 50 indicates expansion, however, and the Chicago index posted its best performance in 2014 in three years.