Economy
October 31, 2014
Chicago Business Barometer Surges to 66.2 in October
Written by Sandy Williams
The Chicago Business Barometer surprised economists with jump to 66.2 from 60.5 in September, well above the forecast decline to 60.0. The reading on this month’s purchasing manager index was the highest since October 2013.
The index average for third quarter was 59.1 but in the last three months the index has averaged 63.6—an indicator of strong economic growth. New orders showed the most growth in September increasing to 73.6 from 60.0. The indexes for production and employment both made gains last month. Employment increased to the highest level since November 2013 suggesting confidence in the economy’s recovery.
