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Big Factory Cooling In Midwest In May; Consumers Perk Up; Bond Yield Back Below 4%; ISM U.S. manufacturing report is due out Wed.; shoppers to the rescue?(A)
Byline: CHRISTINA WISE
Midwest factory growth slowed sharply in May, but consumers are feeling a little more upbeat, data out Tuesday showed.
The Purchasing Management Association of Chicago's regional manufacturing index fell to 54.1 in May from 65.6 in April, the lowest since September 2003. Economists expected 60.3.
Readings over 50 signal growth. Despite the big drop, May marked the 25th straight month of expansion in the sector.
After the Chicago report, the 10-year Treasury yield fell below 4% for the first time since Feb. 9, closing at 3.99%. Stocks suffered moderate losses.
"The number was certainly below the expected level, and it was a fairly broad-based decline," said Patrick Fearon, an economist with A.G. Edwards. "Every major subindex showed weakness."
The output and orders indexes had the largest drops, but the backlog, price and job gauges also fell.
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