The Chicago Purchasing Managers’ Business Barometer dipped to 62.5 in December from 62.6 in November, 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 predicted a 59.0 reading for the indicator.

The production index slipped to 66.2 from 67.3, the new orders index decreased to 68.0 from 70.2, the order backlogs grew to 57.9 from 55.1 in the pervious survey, and inventories fell to 52.2 from 53.6. The employment index increased to 58.6 from 56.9 and the supplier deliveries index was at 57.0, up from 56.6 last month. The prices paid index rose to 65.7 from 60.2.

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