Chicago PMI Exceeds Forecasts - TheStreet

Chicago PMI Exceeds Forecasts

The latest manufacturing numbers from the Midwest suggest economic expansion is still chugging along as 2009 draws to a close.
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CHICAGO (

TheStreet

) -- The Institute for Supply Management-Chicago business barometer rose to 60, from 56.1, in December.

The monthly increase in the Midwestern business barometer, also known as the Chicago PMI, was well ahead of a

Reuters

economists' forecast of 55.

Typically, readings of 50 and above in PMI indexes are considered an indication of economic expansion.

The Chicago PMI has increased for over four consecutive months, after a decline between August and September.

The production-index component of the Chicago PMI experienced the biggest jump from November to December, from 57.6 to 65.8 -- its highest level in over a year. The-new order index was up slightly, but enough to also attain its highest level since May 2007.

-- Reported by Eric Rosenbaum in New York.

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