March Chicago PMI 31.4, Down From 34.2 in February

The Chicago Purchasing Managers’ Business Barometer fell to 31.4 in March from 34.2 in February, the National Association of Purchasing Management-Chicago said yesterday.

Economists polled by Thomson Reuters predicted a 34.5 reading for the indicator.

The production index dropped to 32.7 from 34.7 in the prior survey, the new orders index rose to 30.9 from 30.6, the order backlogs index fell to 21.3 from 29.3, and inventories grew to 34.9 from 33.0. The employment index increased to 28.1 from 25.2, and the supplier deliveries index was  48.4, off from 51.0 last month. The prices paid index declined to 34.1 from 37.8.

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