NEW YORK - The Chicago Purchasing Managers’ Business Barometer rose to 62.3 in July from 59.1 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 56.0 reading for the indicator.
The production index rose to 65.0 from 64.2, the new orders index grew to 64.6 from 59.1, the order backlogs index increased to 57.6 from 50.7 in the prior survey and inventories rose to 50.8 from 46.5. The employment index increased to 56.6 from 54.2; and the supplier deliveries index was at 59.4, down from 60.7 last month. The prices paid index declined to 58.1 from 61.9.
