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US Midwest business activity grows, beating expectations

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.

A worker welds an aluminum case at the Aluminum Case Company, a division of MFZ Ventures, Inc., a privately held company established in 1946 that designs, engineers, and manufactures various types of aluminum cases, in Chicago.
Tim Boyle | Bloomberg | Getty Images
A worker welds an aluminum case at the Aluminum Case Company, a division of MFZ Ventures, Inc., a privately held company established in 1946 that designs, engineers, and manufactures various types of aluminum cases, in Chicago.

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

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.

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