The Chicago Purchasing Managers’ Business Barometer dipped to 60.2 in January from 62.2 in December, the National Association of Purchasing Management-Chicago said Tuesday.

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 predicted a 63.0 reading.

The production index slipped to 63.8 from 64.9, the new orders index decreased to 63.6 from 67.1, the order backlogs fell to 48.3 from 57.3, and inventories slid to 51.6 from 52.0.

The employment index decreased to 54.7 from 59.2 and the supplier deliveries index rose to 61.5 from 56.6 last month. The prices paid index fell to 62.4 from 63.8.

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