Chicago PMI Still Shows Expansion in Region

Chicago, IL, Aug. 31, 2011 -- The Chicago Purchasing Managers Index, a measure of business strength, came in higher than expected at 56.5 in August, down marginally from 58.8 in July.

Managers in the region reported slowing production and new orders and a decline in order backlogs.

Though the reading was ahead of expectations -- economists had anticipated a 53.0% reading -- the indicator is at a 21-month low.

Any reading over 50 indicates expansion, and Chicago PMI has shown expansion for 23 straight months.