Chicago PMI at 54.7 in July vs 50.5 reading expected

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

Business activity in the U.S. Midwest jumped to a six-month high in July, topping economists' forecasts and showing expansion in the region for the first time since April, a report showed on Friday.

The Chicago Business Barometer for July was 54.7, according to the MNI Chicago Report. Economists had forecast the index at 50.5 for July, after June's reading of 49.4. A reading above 50 indicates expansion in the sector.

July's reading was the highest since January, when it read 59.4.