Auto manufacturing plant and worker in Midwest. (Photo: Reuters)
The Chicago Business Barometer, the Institute for Supply Management’s gauge of factory activity in the Midwest region jumped to 53.6 in March from 47.6. The median economist forecast called for a rise to 50.0.
“The most signficant result from the March survey is the pick-up in the Employment component which has remained weak for much of the past year,” Chief Economist of MNI Indicators Philip Uglow said. “Looking through some of the recent volatility, the data are consistent with steady, not spectacular, economic growth in the US.“
Readings above 50 point to expansion, while those below indicate contraction.
The jump in the Chicago Business Barometer in March was led by sharp bounce backs in Production and Employment. Four of the five Barometer components increased between February and March, with only Supplier Deliveries declining on the month.
