Chicago Business Barometer Unexpectedly Drops In September

Business activity in the Chicago-area unexpectedly contracted in the month of September, according to a report released by the Institute for Supply Management - Chicago on Friday, with the business barometer falling to a three-year low.

The ISM Chicago said its business barometer dropped to 49.7 in September from 53.0 in August, with a reading below 50 indicating a contraction in business activity. With the decrease, the business barometer fell to its lowest level since September of 2009.

The drop came as a surprise to economists, who had been expecting the business barometer to come in unchanged compared to the previous month.