After a surprisingly strong rebound in December, Chicago PMI fell back in January to 44.3 (below expectations of 45.0), below '50' for the 5th straight month...

Source: Bloomberg

That is the longest streak of prints in 'contraction' since the Great Financial Crisis.

Under the hood, the business barometer fell at a faster pace; signaling contraction

This continues a trend of 'soft' survey data disappointing notably.