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Chicago PMI hits 65.5 in May vs. 61 estimate

The pace of business activity in the U.S. Midwest rose more than expected in May, rising to its best level since October 2013, a report showed on Friday.

The Institute for Supply Management-Chicago business barometer was 65.5, up from 63.0 in April. Economists were looking for a reading of 61.0 in the month.

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