Chicago PMI Dips to 54.4 in Aug, from 54.7 in July

The Chicago Purchasing Managers' Business Barometer slid to 54.4 in August from 54.7 in July, the National Association of Purchasing Management-Chicago said Monday.

The data is compiled on a seasonally adjusted basis. An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.

Economists polled by Thomson Reuters predicted a 54.7 reading for the index.

"The Chicago Business Barometer held on to most of July's gain, falling just a fraction to 54.4 in August from 54.7 in July. While below the highs seen towards the end of last year, it's still consistent with a bounceback in activity in the third quarter following recent weaker growth," according to a release.

"A slight easing in both Production and New Orders prompted the latest decline in the Barometer, with both paring some of the large gains seen in July that had left them at the highest level since January," the release noted.

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