US Midwest business barometer jumps in Oct

The pace of business activity growth in the U.S. Midwest accelerated more than expected in October, a report showed on Friday.

The Institute for Supply Management-Chicago business barometer rose to 66.2 this month from 60.5 in September, blowing past analyst expectations for a read of 60.0.

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A reading above 50 indicates expansion in the regional economy.

"The fundamentals of the economy remain very strong, the conditions are in place for continued above-trend growth," said Gus Faucher, a senior economist at PNC Financial Services in Pittsburgh.