The Chicago Purchasing Managers’ Business Barometer fell to 33.3 in January from 35.1 in December, the National Association of Purchasing Management-Chicago said Friday.

Economists polled by Thomson Reuters predicted a 34.0 reading for the indicator.

The production index declined to 29.7 from 32.4, the new orders index slid to 30.7 from 31.5, and inventories fell to 38.0 from 38.8. The employment index decreased to 34.8 from 39.2, while the prices paid index improved to 38.8 from 32.7.

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