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Manufacturing in the Midwest unexpectedly surged in June, new data out of the Institute for Supply Management-Milwaukee shows.The headline index of business conditions improved to 60.2 from 57.7 a month earlier.
Economists polled by Bloomberg had forecast a decline to 55.1. A reading above 50 indicates expansion.
Production and employment surged to recent highs, with the employment sub-index hitting 73.8.
New orders also improved during the month, gaining 60 basis points to 55.8.
Manufacturers surveyed by the institute also noted that backlogs increased in June.
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