Economics
Business Activity in U.S. Unexpectedly Shrank in April
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Business activity in the U.S. unexpectedly shrank in April for the first time in more than three years, a sign manufacturing may be a smaller contributor to economic growth this quarter.
The MNI Chicago Report’s business barometer fell to 49 in April, the lowest since September 2009, from 52.4 last month. A reading less than 50 signals contraction. The median forecast of 51 economists surveyed by Bloomberg was 52.5.