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Midwest business weakens again in January


    CHICAGO (Reuters) - Business activity in the Midwest contracted in January and at a more severe rate than expected, a report showed on Friday.

    The Institute for Supply Management-Chicago business barometer fell to 33.3 from 35.1 in December, a new low for the current downturn. Economists had forecast the index at 34.0. A reading below 50 indicates contraction.

    The employment component of the index fell to 34.8 from 39.2 in December. Prices paid rose to 39.8 from 32.7 and new orders slipped to 30.7 from 31.5.

    (Reporting by Ros Krasny; Editing by James Dalgleish)