The February reading of Chicago PMI tumbled to a five-and-a-half year low of 45.8, MNI Indicators said Friday. The reading, down from 59.4 in January and below the 50 mark measuring contraction, came after double-digit drops in production, new orders, order backlogs and employment. The West Coast port strike and the harsh winter probably had a negative impact in February, although it is difficult to gauge the magnitude, the report said.
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