India, Aug. 28 -- MNI Indicators released a report on Friday unexpectedly showing a sharp pullback by its reading on Chicago-area business activity in the month of August.
The report said the Chicago business barometer plunged to 47.1 in August from 57.6 in July, with a reading below 50 indicating contraction. Economists had expected the index to rise to 59.0.
With the unexpected slump, the Chicago business barometer returned to contraction territory for the first time since April and hit its lowest level since December.
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