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NEW YORK(MarketWatch) -- Business activity in the Chicago region continued to contract in March, but the contraction was less severe than in February, according to a survey of corporate purchasing managers released Friday. The Chicago purchasing managers index was at 48.2% in March compared with 44.5% in February. Readings under 50% indicate overall business contraction. The prices paid index rose to 83.9% in March compared with 79.4% in February. The new orders index rose to 53.9% vs. 48.8% in July.