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Economic Report: Chicago PMI retreats after hitting a 2-year high, but respondents cheery about 2017

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Economic Report: Chicago PMI retreats after hitting a 2-year high, but respondents cheery about 2017
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Workers at the at J.C. Newman cigar factory, using vintage machines, some 90 years old, make cigars on April 21, 2016, in Tampa Bay, Florida.

A measure of Midwest economic activity slipped in December after touching a near two-year high the month before.

The Chicago PMI fell 3 points to 54.6, MNI Indicators said Friday. The consensus forecast among economists was for a 57.0 reading.

Any reading above 50 signals expansion.

The new orders component of the index slid 6.7 points to 56.5.

U.S. manufacturing has been slowly regaining momentum after taking beating from the tumble in oil prices late in 2014. The fourth quarter for the PMI was at a 2-year high, MNI said, and a majority of respondents said the Trump administration would have a positive impact on their business.