After reporting slowdowns in the pace of expansion in Chicago-area business activity in the two previous months, the Institute for Supply Management - Chicago released a report on Friday showing an unexpected acceleration in the pace of growth in the month of July.
The ISM Chicago said its business barometer rose to 62.3 in July from 59.1 in June, with a reading above 50 indicating growth in Chicago-area business activity. The increase surprised economists, who had expected the index to fall to a reading of 56.3.
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