Chicago is in contraction

Business and manufacturing activity in Chicago is in contraction. 
The business barometer, also known as the purchasing manager's index, fell to 49.3 from 50.4 in the prior month, where it was expected. 
"We look for the Chicago PMI to fall to 49.0 in May from 50.4, marking a return below breakeven," wrote Bank of America Merrill Lynch economists in a preview.
"Other regional surveys suggest broad weakening in manufacturing conditions, driven in part by a decline in new orders. The new