Chicago, IL, December 30--A gauge of business in the Chicago area, a center of U.S. manufacturing, fell for a second month as employment gains slowed, a private survey found.
The National Association of Purchasing Management-Chicago said its Business Barometer declined to 61.2 this month from 65.3 in November. The index reached a 16-year high of 68.5 in October.
Readings higher than 50 indicate growth, and December is the 20th month of uninterrupted expansion. Investors watch the report for clues about the strength of U.S. manufacturing. Companies such as Navistar International Corp., the world's fourth-biggest truckmaker, and Illinois Tool Works Inc. reported increased sales.
"Keep in mind the overall level -- that's hardly a bad sign for the economy," Mike Englund, chief economist at Action Economics LLC in Boulder, Colorado, said before the report. Anything above 60 "is an extraordinary reading."
