The Chicago Purchasing Managers’ Business Barometer rose to 62.3 in July from 59.1 in June, the National Association of Purchasing Management-Chicago said Friday.

Economists polled by Thomson Reuters predicted a 56.0 reading for the index, which is compiled on a seasonally adjusted basis. Readings below 50 signal a slowing economy, while levels above 50 suggest expansion.

Elsewhere, New York City business activity expanded in July, but more slowly than in August. The Institute for Supply Management-New York’s Report on Business current business conditions index slumped to an 11-month low of 58.4 in July from 69.3 in June, after hitting a record 89.9 in May. The current business conditions index has not been below 60.0 since August 2009.

The report’s six-month outlook index fell to 67.5 from 69.6. The NY-BCI climbed to 463.1 from 458.9.

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