The Chicago PMI unexpectedly fell from 50.0 in August to 46.1 in September. The expectation of economists called for the index to move further into expansionary territory, and improve to 52.0. New orders fell from 52.5 in August to 46.3 this month.
The final reading on 2Q Gross Domestic Product, the broadest measure of economic output, was favorably revised to a 0.7% annualized rate of decline, versus the preliminary estimate of a 1.0% decline. Personal consumption fell 0.9%, less than the -1.0% reading in the preliminary report. The core PCE Index, which excludes food and energy, remained at an increase of 2.0%, matching the estimate.
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The Dow Jones Industrial Average lost 30 points (0.3%) to close at 9,712, the S&P 500 Index dropped 4 points (0.4%) to 1,057, and the Nasdaq Composite fell 2 points (0.1%) to 2,122. Crude oil added $3.90 to $70.61 per barrel, while the Bloomberg gold spot price gained $14.50 to $1,006.90 per ounce.
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