The Chicago Purchasing Managers' Business Barometer dipped to 59.6 in January from 60.8 in December, 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 59.0 reading for the index.
The production index rose to 61.0 from 60.2, the new orders index increased to 64.6 from 63.3, the order backlogs climbed to 58.8 from 58.2 in the prior survey and inventories jumped to 52.1 from 44.8. The employment index dropped to 49.2 from 54.3 and the supplier deliveries index was at 56.3, off from 59.7 last month. The prices paid index grew to 64.9 from 61.6.
