NEW YORK - The Chicago Purchasing Managers’ Business Barometer fell to 59.7 in May from 63.8 in April, the National Association of Purchasing Management-Chicago said today.
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 62.0 reading for the indicator.
The production index slid to 61.0 from 63.1, the new orders index fell to 62.7 from 65.2, the order backlogs index decreased to 52.7 from 61.4 in the prior survey and inventories rose to 56.4 from 50.1. The employment index decreased to 49.2 from 57.2; and the supplier deliveries index was at 65.1, up from 64.9 last month. The prices paid index declined to 64.0 from 71.4.
