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.
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 increased to its highest level in 37 years, to 69.6 from 61.8 in the previous survey, and inventories climbed to 60.5 from 60.2..