Chicago PMI Beats Expectations

A barometer of business activity in the Chicago region remained steady against expectations of a dip.
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NEW YORK (

TheStreet

) --The Chicago Purchasing Managers Index, a barometer of business activity, was better than expected in October.

The Institute for Supply Management, Chicago said in its latest release that the index rose to 60.6, similar to the levels seen in September. Economists were projecting the index to dip to 58, according to estimates from

Briefing.com.

The release comes ahead of the Institute for Supply Management's national report on Monday November 1. Manufacturing activity at the national level is expected to drop slightly to 53.6 from 54.4.

Production and new orders increased for the second month in a row, while inventories built up for the first time in two months. There was modest expansion in the employment index to 54.6 from 53.4 in September.

In other economic news, the University of Michigan released its final reading for consumer sentiment. The Michigan Consumer Sentiment Index remained relatively steady at 67.7 in October, slightly below expectations of 68.

The

Conference Board's Consumer Confidence Index, released earlier this week, showed an improvement in October.

-- Written by Shanthi Venkataraman in New York

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