Chicago PMI Rises to 56.8 in June from 49.3 in May

The Chicago Purchasing Managers' Business Barometer soared to 56.8 in June from 49.3 in May, the National Association of Purchasing Management-Chicago said Thursday.

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.

"The MNI Chicago Business Barometer rose 7.5 points to 56.8 in June from 49.3 in May, the highest since January 2015, led by strong gains in New Orders and Production," according to a release.

Economists polled by Thomson Reuters predicted a 50.5 reading for the index.

"June's rebound was just enough to offset the previous two months of weakness, leaving the Barometer broadly unchanged over the quarter at an average of 52.2 in Q2 compared with 52.3 in Q1," according to the release. "New Orders increased sharply on the month to the highest since October 2014, while Order Backlogs rose to the highest since March 2011, breaking a 16-month run of below 50 readings. Production also increased significantly to the highest since January 2016."

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