Growth in the US Midwestern factory sector unexpectedly picked up steam this month, hitting the highest pace since January 2015.
The Institute for Supply Management-Chicago’s purchasing managers index climbed to 58.3 from 57.7 in the previous quarter. That exceeded Wall Street expectations of 56.2.
Friday’s reading comes on the back of figures issued earlier in the morning that showed the US economy grew at the lowest pace since 2014 in the first three months of this year.
Notably, the Chicago-ISM figures are based on surveys, which had in the first quarter painted a too-optimistic picture of the economy’s performance.