A report released by MNI Indicators on Wednesday showed a much bigger than expected acceleration in the pace of growth in Chicago-area business activity in the month of March.

MNI Indicators said its Chicago business barometer soared to 66.3 in March from 59.5 in February, with a reading above 50 indicating growth in regional business activity. Economists had expected the index to inch up to 60.7.

With the much bigger than expected increase, the Chicago business barometer reached its highest level since July of 2018.

The spike by the Chicago business barometer was led by a jump by the production index, which surged up by 10.1 points to a three-year high of 72.0.

The new orders index also climbed by 7.1 points to 62.3, while the employment index rose by 5.5 points to 54.6, reaching expansion territory for the first time since June of 2019.

MNI Indicators also said prices paid at the factory gate escalated for the seventh month in a row, with the prices paid index reaching its highest level since August of 2018.

The material has been provided by InstaForex Company – www.instaforex.com

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