Chicago PMI 51.5 vs 54.0 expected

Chicago-area manufacturing survey
– Prior was 55.8
– Inventories 49.8 vs 52.0 prior
– Employment highest since April 2015
– New orders and production at lowest since May
The 4.3 point drop was the largest since February but it remains above the key 50 threshold. Order backlogs and new orders were the main drags.