NEW YORK - The Chicago Purchasing Managers’ Business Barometer gained to 64.0 in February from 60.2 in January, the National Association of Purchasing Management-Chicago said Wednesday.
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 61.5 reading for the indicator.
The production index jumped to 67.8 from 63.8, the new orders index increased to 69.2 from 63.6, the order backlogs rose to 53.6 from 48.3 in the prior survey and inventories slid to 49.6 from 51.6. The employment index increased to 64.2 from 54.7; and the supplier deliveries index was at 57.7, down from 61.5 last month. The prices paid index grew to 65.6 from 62.4.