The Chicago Purchasing Managers' Business Barometer fell to 50.6 in October from 54.2 in September, "suggesting economic activity in the US lost some momentum having picked up in Q3," 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 54.0 reading for the index.
"The Barometer decline was led by a slowdown in Production, which fell 5.4 points to 54.4, giving up most of the gain seen last month but remaining above the 2016 average. New Orders also subtracted from the Barometer, falling to the lowest level since May," according to the release.
