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Chicago PMI falls to 67.6% in April from 70.6%

Chicago PMI falls to 67.6% in April from 70.6% (by Jeffry Bartash)

WASHINGTON (MarketWatch) -- The Chicago purchasing managers index, a barometer of business trends, fell to 67.6% in April from 70.6% in March. Economists polled by MarketWatch had forecast a reading of 68.0%. Readings above 50% means that more companies are expanding than contracting. Two months ago the index reached a 22-year high. The prices paid component slipped to 81.8% from 83.4%, while new orders dropped to 66.3% from 74.5%. The Chicago PMI is the last major regional index released before the national Institute for Supply Management's manufacturing index.