Midwest business barometer drops in April

Reuters News
Posted: Apr 30, 2012 10:28 AM

CHICAGO (Reuters) - Business activity in the Midwest slowed more than expected in April, falling to its lowest since November 2009 as new orders slipped, a report showed on Monday.

The Institute for Supply Management-Chicago's business barometer fell to 56.2, below economists' expectations of 61.0. The reading was 62.2 in March.

A reading above 50 indicates expansion in the regional economy.

The employment component of the index rose to 58.7 from 56.3. But new orders dropped to 57.4 from 63.3 in March, dragging down the overall barometer of growth.

(Reporting by Ann Saphir; Editing by James Dalgleish)