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Economy & Policy

Midwest Business Barometer Drops in March

The pace of business activity in the U.S. Midwest slowed more than expected in March as employment and new orders dropped from elevated levels last month, a report showed on Friday.

The Institute for Supply Management-Chicago's business barometer slipped to 62.2, from 64.0 in February. Economists had expected a reading of 63.

A reading above 50 indicates expansion in the regional economy.

New orders dropped to 63.3 from a near one-year high of 69.2 in February. The employment component of the index fell to 56.3, from a more than 15-year high of 64.2.