By Greg Robb
WASHINGTON (MarketWatch) -- Manufacturing activity in the Chicago region expanded at a less rapid pace in August, according to media reports of the purchasing managers' index for the Chicago region released on Tuesday. The Chicago purchasing managers index fell to 56.7% from 62.3% in July. The drop was in line with forecasts. Readings over 50% indicate overall business expansion. The Chicago PMI is the last of a series of regional indicators that give clues to the national Institute for Supply Management manufacturers' survey for August to be released on Wednesday. Based on other regional readings, economists expect the August ISM manufacturing composite to slow a bit more to 53.2 from a July reading of 55.5%. This would be the fourth straight monthly decline after the index hit 60.4 in April.
