By Steve Goldstein
WASHINGTON (MarketWatch) -- The Chicago PMI decelerated slightly to a reading of 70.6% in March from 71.2% in February, a level still well above the 50% no-change line. Economists polled by MarketWatch had forecast a reading of 68.9%. The prices paid component climbed to 83.4% from 81.2%, while new orders edged slightly lower to 74.5% from 75.9%. The Chicago PMI takes on added importance as the last major regional purchasing managers index released before the national Institute for Supply Management's manufacturing index, though economists say the Philadelphia Fed index typically tracks more closely with the national gauge than the Chicago reading.
