NEW YORK - The Chicago Purchasing Managers’ Business Barometer slid to 70.6 in March from 71.2 in February, the National Association of Purchasing Management-Chicago said Thursday.
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 70.0 reading for the indicator.
The production index fell to 74.2 from 78.2, the new orders index decreased to 74.5 from 75.9, the order backlogs index gained to its highest level in 37 years 69.6 from 61.8 in the prior survey and inventories climbed to 60.5 from 60.2. The employment index increased to 65.6 from 59.8; and the supplier deliveries index was at 62.7, down from 64.1 last month. The prices paid index grew to 83.4 from 81.2.
