GO
Loading...

US Midwest Business Activity Picks Back Up, Tops Forecast

Friday, 31 May 2013 | 9:46 AM ET
Chicago PMI 58.7 in May
Friday, 31 May 2013 | 9:45 AM ET
CNBC's Rick Santelli has the latest data on the economic health of the manufacturing sector.

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.

Featured

Contact Economy

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More