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US Midwest Business Activity Picks Back Up, Tops Forecast

Business activity in the U.S. Midwest reaccelerated in May after contracting in April as measures of employment and new orders jumped, a report showed on Friday.

The Institute for Supply Management-Chicago business barometer rose to 58.7 from 49 in April, handily beating economists' expectations for 50.

A reading above 50 indicates expansion in the regional economy.

(Click here to track the U.S. stock market reaction following the report.)

The gauge of new orders climbed to 58.1 from 53.2, while the employment component shot up to its highest since January at 56.9 from 48.7.

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