The Chicago Purchasing Managers’ Business Barometer slid to 58.8 in July from 61.1 in June, the National Association of Purchasing Management-Chicago said Friday.
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 had predicted a 60.0 reading for the indicator.
Meanwhile, New York City business activity rebounded from a two-year low, as the current business conditions index improved to 57.2 in July from 52.6 in June, according to the Institute for Supply Management-New York’s Report on Business current business conditions index.