Chicago area manufacturing index declines

Chicago -- A leading index tracking manufacturing in the Chicago area released Friday showed a sharp decline in regional manufacturing growth.

The National Association of Purchasing Management report indicated declines in new orders in January as the index dropped to 44.7, down from 56.7 in December.

The index marks 50 as the break-even point, with figures above 50 indicating growth, while figures below 50 indicate declines.

The overall NAPM Index for the Chicago area came in at 44.5, below the 47.0 to 53.0 range of expectations.

Backlog orders also fell 12 points in January to 48.0.

Copyright 2008 by United Press International.