Chicago PMI declines in August, misses forecasts

NEW YORK (Reuters) - Business activity in the U.S. Midwest declined modestly in August and fell just short of expectations, but showed expansion in the region for the second consecutive month, a report showed on Friday.

The Chicago Business Barometer for August was 54.4, according to the MNI Chicago Report. Economists had forecast the index at 54.7 for August, matching July's reading of 54.7, which was a six-month high. A reading above 50 indicates expansion in the sector.

(Reporting by Chuck Mikolajczak; Editing by Meredith Mazzilli)

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