NEW YORK - The Chicago Purchasing Managers’ Business Barometer fell to 56.7 in August from 62.3 in July, the National Association of Purchasing Management-Chicago said Tuesday.
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 50.4 reading for the indicator.
The production index slid to 57.6 from 65.0, the new orders index dropped to 55.0 from 64.6, the order backlogs index decreased to 56.2 from 57.6 in the prior survey and inventories fell to 46.5 from 50.8. The employment index decreased to 55.5 from 56.6; and the supplier deliveries index was at 61.2, up from 59.4 last month. The prices paid index declined to 57.2 from 58.1.
