The Chicago Purchasing Managers' Business Barometer surged to 57.4 in February from 50.3 in January, its highest level since January 2015, the National Association of Purchasing Management-Chicago said Tuesday.
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 53.0 reading for the index.
"Following a slow start to the year, firms have become more optimistic this month," according to the release. "February's gain was the largest monthly increase since January 2016 when the barometer rose by 12.5 points. This month's increase was led by four of the five components of the Barometer, with only Supplier Deliveries receding."
