×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Midwest | Business | Activity

Midwest Business Activity Jumps More Than Expected

Thursday, 30 June 2011 10:08 AM

Business activity in the U.S. Midwest grew more than expected this month, helped by a jump in new orders, a report showed Thursday.

The Institute for Supply Management-Chicago's business barometer rose to 61.1 in June, above the 56.6 in May and economists' expectations for a drop to 54.

The unexpectedly strong reading suggests that manufacturing, a driver of the recovery that has recently appeared to be faltering, may be gearing up again. Other regional manufacturing surveys had suggested a continuing slowdown.

"The really good news is that orders jumped back up in the Chicago survey," said Pierre Ellis, a senior economist at Decision Economics in New York. "The case for a weakening at the national level is now less strong."

New orders surged, to 61.2, from 53.5. A reading above 50 indicates expansion in the regional economy.

Auto production, a mainstay of the region that was hard hit by supply disruptions after the earthquake and tsunami in Japan, is likely a key driver, said David Sloan, an economist at IFR, a Thomson Reuters unit.

Still, the survey showed hiring may not be keeping pace with improvements in output.

The employment component of the index slipped to 58.7 from 60.8 in May, its lowest reading since December.

© 2022 Thomson/Reuters. All rights reserved.


Economy
Business activity in the U.S. Midwest grew more than expected this month, helped by a jump in new orders, a report showed Thursday. The Institute for Supply Management-Chicago's business barometer rose to 61.1 in June, above the 56.6 in May and economists' expectations for...
Midwest,Business,Activity
206
2011-08-30
Thursday, 30 June 2011 10:08 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved