The Chicago Purchasing Managers’ Business Barometer soared to 53.6 in March from 47.6 in February, 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 increase in the Barometer was led by a very sharp rise in production, which followed an even steeper decline in the previous month,” according to a release. “. The biggest surprise came from the employment component which rose above the 50 mark in March and to the highest level since April 2015. This followed a period of relative weakness compared with other activity indicators.”
Economists polled by Thomson Reuters predicted a 50.0 reading for the index.
