Photo: Flickr Creative Commons
A key index measuring economic activity in the Chicago area surged higher in February, topping analyst expectations.
The Chicago Purchasing Managers Index gained to 64.0, from 60.2 the prior month, and marked the fourth consecutive month it remained above 60.
Economists polled by Bloomberg anticipated an 80 basis point jump to 61.0.
“The transportation industry seems to be improving consistently,” one surveyed participant reported. “Orders continue to be strong and folks in my industry associations are hiring.”
The employment sub index increased to its highest level since 1984, registering at 64.2.
The Institute For Supply Management – Chicago, will release its next report on March 30, 2012 at 9:45 a.m.
Minutes away from a report on the Chicago Purchasing Mangers Index, which economists forecast will head higher in February.
Economists polled by Bloomberg expect the key index to gain 80 basis points month-on-month to end at 61.0, however estimates range from the 59 surveyed falls from a decline to 58.3 to an advance to 63.0 A reading over 50 indicates expansion.