Chicago-area business activity unexpectedly saw a faster rate of growth in the month of March, according to a report released by MNI Indicators on Friday.
MNI Indicators said its Chicago business barometer inched up to 57.7 in March from 57.4 in February, with a reading above 50 indicating growth.
The uptick by the business barometer came as a surprise to economists, who had expected the index to edge down to 56.5.
With the unexpected increase, the Chicago business barometer rose to its highest level since January of 2015.
"The March Chicago report echoed last month's upbeat tone of general business conditions," said Shaily Mittal, senior economist at MNI Indicators. "Though the Barometer was little changed, the underlying trend for many key indicators shows improvement."
Reflecting continued growth in demand, the new orders index rose for the second consecutive month to reach a four-month high.
Production also increased to keep pace with rising demand, with the production index climbing to a fourteen-month high of 61.7.
Meanwhile, MNI Indicators said the employment index slipped back into contraction after briefly rising above 50 in February.
The report also said inflationary pressures at the factory-gate eased after three consecutive monthly gains, although they remain at an elevated level.
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