The Institute for Supply Management- Chicago Inc. said today its business barometer fell to 53.0 this month from 53.7 in July. Figures greater than 50 signal expansion. Economists forecast the gauge would drop to 53.2, according to the median forecast in a Bloomberg survey.

Estimates from the 58 economists surveyed ranged from 51.0 to 55.0.

Economists watch the Chicago index and other regional manufacturing reports for an early reading on the national outlook. The Chicago group says its membership includes both manufacturers and service providers with operations in the U.S. and abroad, making the gauge a measure of overall growth.

To contact the reporter on this story: Alexander Kowalski in New York at akowalski13@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net