by Calculated Risk on 7/31/2017 01:26:00 PM

Earlier from the Chicago PMI: July Chicago Business Barometer at 58.9 vs 65.7 in June

The MNI Chicago Business Barometer fell to 58.9 in July from 65.7 in June, the lowest level in three months.
...
“MNI’s July Chicago Business Barometer should be viewed in the context of the underlying, upward trend in business sentiment witnessed since early 2016. Key indicators, despite reversing their June reading, remain above their respective averages set over the last twelve months, and point towards robust confidence among U.S firms,” said Jamie Satchi, Economist at MNI Indicators. 
emphasis added

This was below the consensus forecast of 62.0, but still a solid reading.