The Chicago Purchasing Managers’ Business Barometer dipped to 62.2 in March from 64.0 in February, the National Association of Purchasing Management-Chicago said Friday.
The data is compiled on a seasonally adjusted basis. A purchasing manager index reading below 50 signals a slowing economy, while one above that suggests expansion. Economists predicted a 63.0.
The production index jumped to 68.6 from 67.8, the new orders index decreased to 63.3 from 69.2, the order backlogs rose to 54.3 from 53.6 in the prior survey, and inventories rose to 57.4 from 49.6. The employment index decreased to 56.3 from 64.2 and the supplier deliveries index was at 57.8, up from 57.7 last month. The prices paid index grew to 70.1 from 65.6.