The Chicago Purchasing Managers’ Business Barometer fell to 53.0 in August from 53.7 in July, the National Association of Purchasing Management-Chicago said Friday.

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 53.5 reading for the indicator.

The production index jumped to 57.4 from 54.5, the new orders index increased to 54.8 from 52.9, the order backlogs dropped to 41.7 from 52.8 in the prior survey and inventories fell to 51.2 from 52.6. The employment index increased to 57.1 from 53.3; and the supplier deliveries index was at 49.9, down from 53.3 last month. The prices paid index rose to 57.0 from 54.7.

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