CHICAGO PMI SPIKES TO A 12-MONTH HIGH

Chicago green river st patricksREUTERS/John GressWorkers dye the Chicago River green as part of the city’s annual St. Patrick’s day celebrations in Chicago.

Great news out of the midwest.

The Chicago purchasing managers index jumped to a12-month high of 66.2 in October, up from 60.5 in September.

This smashed expectations for a 60.0 reading.

“The bounceback in the Barometer marks a solid start to Q4 and suggests that against a backdrop of concerns about weakening growth in Europe and China, the US economy is still growing firmly,” ISM — Chicago said in its release.

“Concerns about the global economy and the continued low level of inflationary pressures may persuade the Fed to keep rates lower for longer, but the domestic economy is growing healthily,” MNI Indicators’ Philip Uglow said.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.