The Chicago Business Barometer plunged 13.6 points to 45.8 in February, the lowest level since July 2009 and the first time in contraction since April 2013. The sharp fall in business activity in February came as Production, New Orders, Order Backlogs and Employment all suffered double digit losses, leaving them below the 50 level which separates contraction from expansion. The West Coast port strike and the harsh winter probably had a negative impact in February, although it is difficult to gauge the magnitude. It’s too early to conclude that February represents a change in the relatively strong trend seen recently. ... (full story)