The Chicago Purchasing Managers’ Business Barometer slid to 58.4 in October from 60.4 in September, the National Association of Purchasing Management-Chicago said Monday.
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 59.0 reading for the indicator.
The production index dipped to 63.4 from 63.9 in the previous survey, the new orders index decreased to 61.3 from 65.3, the order backlogs grew to 51.2 from 45.4 and inventories fell to 54.4 from 60.3. The employment index rose to 62.3 from 60.6 and the supplier deliveries index was at 55.8, up from 51.9 last month.
The prices paid index grew to 66.0 from 62.3.