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Back in Business: Chicago PMI Hits 11-Month High

Reuters With CNBC.com
Thursday, 28 Feb 2013 | 9:46 AM ET
An employee assembles an 2.0 liter ecoboost engine on the production line at the Ford Motor Co. Cleveland Engine Plant in Brook Park, Ohio, U.S
David Maxwell | Bloomberg | Getty Images
An employee assembles an 2.0 liter ecoboost engine on the production line at the Ford Motor Co. Cleveland Engine Plant in Brook Park, Ohio, U.S

The pace of business activity in the U.S. Midwest picked up modestly to reach an 11-month high in February as new orders gained, a report showed on Thursday.

The Institute for Supply Management-Chicago business barometer rose to 56.8 from 55.6 in January, topping economists' expectations for 54.3.

A reading above 50 indicates expansion in the regional economy.

The gauge of new orders rose to 60.2 from 58.2, though the employment component fell to 55.7 from 58.

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