P.M. BRIEFING : Business Barometer Off 41%

CHICAGO — The Chicagoland Business barometer, a measure of economic performance in the Midwestern industrial center, fell in December to its lowest level in eight years, the Purchasing Management Assn. of Chicago said.

The group reported today its monthly index fell to an unadjusted 41% in December from 45.1% last month. A reading below 50% signals that the manufacturing sector is slowing, while a level above 50% suggests expansion.

The overall index “appears to indicate a recession is upon us,” PMAC said.

The Chicago index reflects conditions in 200 industrial businesses in northern Illinois and northwest Indiana.

The National Purchasing Management Assn., for its national report due Jan. 2, does not use data from the Chicago report but conducts its own research.