US: Chicago PMI drops to 5-month low at 60.4 in September vs 62.5 expected

"The MNI Chicago Business Barometer fell to a five-month low of 60.4 in September, down 3.2 points from August’s 63.6," the ISM Chicago reported on Friday.

Key highlights from the press release

• Although down on a year-over-year basis for only the second time since January 2017, the Barometer continues to indicate strong overall business conditions.
• Production eased to a 6-month low, while New Orders growth ran at its slowest pace in 5 months. 
• Hiring activity eased again this month, reverting towards long-run averages.
• Tariffs continue to push prices higher alongside material shortages; sourcing electrical components proved particularly difficult, according to firms.