U.S. Midwest manufacturing surged in September: survey

WASHINGTON (Reuters) – U.S. Midwest manufacturing unexpectedly surged in September, with new orders and production recovering strongly from coronavirus-related shutdowns, a regional purchasing managers’ survey showed on Wednesday.

The Chicago Business Barometer’s headline index jumped to 62.4 in September, its highest level since December of 2018 and well above the 52 forecast by economists in a Reuters poll. A reading of over 50 means expansion; below 50 means contraction.

The results of the survey of purchasing managers in the greater Chicago area was released nearly two hours before its usual time of 9:45 a.m. Eastern (1345 GMT).

Treasuries fell after the report and on news of potential progress among U.S. lawmakers toward a new fiscal relief package. The yield on the benchmark 10-year note rose to 0.686%, its highest in a week.

ISM-Chicago, an association of purchasing managers, and MNI Market News together produce the data and normally release it a few minutes early to paid subscribers. They did not immediately respond to a Reuters request for information about the timing of Wednesday’s release.

Source: Read Full Article