US Midwest business activity grows, beating expectations

Chicago PMI 55.7 in September
Chicago PMI 55.7 in September   

The pace of business activity in the U.S. Midwest increased in September, though input prices dipped from a nine-month high, a report showed on Monday.

The Institute for Supply Management-Chicago business barometer rose to 55.7 from 53.0 in August. Economists in a Reuters poll had expected a reading of 54.0. A reading above 50 indicates expansion in the regional economy.

Welder manufacturing economy
Tim Boyle | Bloomberg | Getty Images

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Prices paid dipped to 57.1 from 65.2 in August, a nine-month high. The gauge of new orders, however, rose to 58.9 from 57.2, while the employment component slipped to 53.2 from 54.9.