Back in Business: Chicago PMI Hits 11-Month High

Reuters With
An employee assembles an 2.0 liter ecoboost engine on the production line at the Ford Motor Co. Cleveland Engine Plant in Brook Park, Ohio, U.S
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The pace of business activity in the U.S. Midwest picked up modestly to reach an 11-month high in February as new orders gained, a report showed on Thursday.

The Institute for Supply Management-Chicago business barometer rose to 56.8 from 55.6 in January, topping economists' expectations for 54.3.

A reading above 50 indicates expansion in the regional economy.

The gauge of new orders rose to 60.2 from 58.2, though the employment component fell to 55.7 from 58.