The Chicago Purchasing Managers' Business Barometer dropped to 55.9 in March from 59.8 in February, the National Association of Purchasing Management-Chicago said Monday.
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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 index.
The March reading was the lowest since August.
The production index gained to 61.7 from 59.6, the new orders index decreased to 58.8 from 63.6, and inventories dropped to 44.0 from 52.8. The employment index slumped to 50.0 from 59.3 and the supplier deliveries index was at 58.6, up from 57.4 last month. The prices paid index slid to 55.7 from 59.1.
