NEW YORK - The Chicago Purchasing Managers’ Business Barometer slid to 58.8 in July from 61.1 in June, 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 60.0 reading for the indicator.
The production index fell to 64.3 from 66.9, the new orders index decreased to 59.4 from 61.2, the order backlogs grew to 55.7 from 49.3 in the prior survey and inventories gained to 53.2 from 46.9. The employment index decreased to 51.5 from 58.7; and the supplier deliveries index was at 55.9, off from 64.8 last month. The prices paid index rose to 71.7 from 70.5.
