Chicago Manufacturing Index Fell to 45.9 in October From 48.1
By Andrew Ward
Chicago, Oct. 31 (Bloomberg) -- Manufacturing in the Chicago area declined in October for a second straight month, a survey of purchasing executives showed.
The National Association of Purchasing Management-Chicago said its factory index fell to 45.9 this month from 48.1 in September. Readings below 50 mean business slowed at the region's factories.
``Companies are trying to cut their way to prosperity by shedding workers and delaying -- or not undertaking -- capital investment,'' said William Dudley, chief economist with Goldman, Sachs & Co. in New York, before the report. ``Things are going to get weaker before they get stronger.''
Investors and analysts watch the Chicago report for clues about the direction of U.S. manufacturing. The region has more manufacturing jobs than any other U.S. metropolitan area. Economists expected the purchasing managers' index to rise to 49, according to the median of 46 analysts in a Bloomberg News survey.
By Andrew Ward
Chicago, Oct. 31 (Bloomberg) -- Manufacturing in the Chicago area declined in October for a second straight month, a survey of purchasing executives showed.
The National Association of Purchasing Management-Chicago said its factory index fell to 45.9 this month from 48.1 in September. Readings below 50 mean business slowed at the region's factories.
``Companies are trying to cut their way to prosperity by shedding workers and delaying -- or not undertaking -- capital investment,'' said William Dudley, chief economist with Goldman, Sachs & Co. in New York, before the report. ``Things are going to get weaker before they get stronger.''
Investors and analysts watch the Chicago report for clues about the direction of U.S. manufacturing. The region has more manufacturing jobs than any other U.S. metropolitan area. Economists expected the purchasing managers' index to rise to 49, according to the median of 46 analysts in a Bloomberg News survey.
