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US Midwest business index rises unexpectedly in January

A worker making parts for industrial coffee grinding equipment at the Modern Process Equipment manufacturing facility in Chicago.
Tim Boyle | Bloomberg | Getty Images

The pace of business activity in the U.S. Midwest accelerated unexpectedly in January, a report showed on Friday.

The Institute for Supply Management-Chicago business barometer for January came in at 58.0, down from 58.3 the prior month.

Read MoreGet the market reaction here.

The data followed an earlier reading on the broader U.S. economy that showed activity grew at a slower pace than had been expected.

Read MoreUS growth cools, but consumer spending robust

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