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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.

Welder manufacturing economy
Tim Boyle | Bloomberg | Getty Images

(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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