By Steve Goldstein
WASHINGTON (MarketWatch) -- The Chicago business barometer, which also is called Chicago PMI, slowed in August to a 56.5% reading from 58.8% in July, as managers in the region reported slowing production and new orders and a shrinking in order backlogs. Economists polled by MarketWatch had anticipated a 53.0% reading. Any reading over 50% indicates expansion, and Chicago PMI has been in expansion territory for 23 straight months. The Chicago PMI is closely followed because it's the last major regional indicator before the national Institute for Supply Management's manufacturing gauge, which is due for release Thursday.
