Here comes Chicago PMI ...

Akin Oyedele

The latest reading of economic activity in the Midwest region will cross at 9:45 a.m ET.

Economists forecast that the Chicago Purchasing Manager Index reads at 50 for June, according to Bloomberg. That's right on the border of expansion (above 50) and contraction (below 50.)

In May, the index slumped to 46.2.

Chief economist of MNI Indicators Philip Uglow said last month that the weakness from April, thought to be weather and port slowdown-related, had spilled over into the second quarter.

Economists expect a rebound in May.

In a preview of data this week, Deutsche Bank economists wrote: "In principle, the auto industry’s proximity to Chicago should be a source of strength. In May, motor vehicle sales totaled 17.8 million units, the best showing since July 2005 (20.7 million)." 

We'll be back with full details once the data cross.

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