by Calculated Risk on 12/30/2019 02:58:00 PM

Earlier from the Chicago PMI: Chicago Business Barometer™ – Rose to 48.9 in December

The Chicago Business BarometerTM, produced with MNI, rose 2.6 points in December, hitting a four-month high of 48.9.

Business sentiment dropped by 1.2 points to 46.2 in Q4, marking the lowest quarterly reading since Q2 2009. The index was below the 50-mark for the second successive quarter.
...
While Employment cooled to 47.4 in December, showing the largest monthly decline, it also scored the biggest quarterly gain, up by 11.1% to 48.9.
emphasis added

CR Note: "An indicator reading above 50 shows expansion compared with a month earlier while below 50 indicates contraction." This was another month of contraction.