NEW YORK - The Chicago Purchasing Managers’ Business Barometer dropped to 52.7 in May, its third straight decline and its lowest level since September 2009, from 56.2 in April, the National Association of Purchasing Management-Chicago said Thursday.
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 56.5 reading for the indicator.
The production index slumped to 50.0 from 57.1, the new orders index decreased to 52.9 from 57.4, the order backlogs dropped to 46.3 from 56.8 in the prior survey and inventories fell to 49.4 from 53.9. The employment index declined to 57.0 from 58.7; and the supplier deliveries index was at 56.2, up from 55.6 last month. The prices paid index slid to 60.4 from 68.6.
