Chicago PMI Jumps to 66.2 in October from 60.5 in September

The Chicago Purchasing Managers' Business Barometer soared to 66.2 in October from 60.5 in September, the National Association of Purchasing Management-Chicago said Friday.

The data is compiled on a seasonally adjusted basis. An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.

Economists polled by Thomson Reuters predicted a 60.0 reading for the index.

The increase brought the Barometer to its highest reading in a year.

"New Orders was the strongest component of the Barometer and increased sharply to 73.6, the highest level since October 2013," according to the release. "Production also strengthened further following a sharp decline in the previous month, and has been running at a firm pace for some time now."

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