Chicago Index Increases in Sign U.S. Manufacturing Improving
Business activity in the U.S. expanded more than forecast in September, reaching a four-month high and adding to signs of a rebound in manufacturing that will help underpin the world’s biggest economy.
The MNI Chicago Report business barometer rose to 55.7 from 53 in August. Numbers greater than 50 signal expansion. The median forecast of economists in a Bloomberg survey was 54.
Manufacturing, which makes up about 12 percent of the economy, is expanding as demand for automobiles, construction materials and appliances keeps assembly lines busy. A pickup in business investment and overseas market improvement would help sustain gains and support economic growth into 2014.
“It’s one of the positives for the economy,” Mike Englund, chief economist at Action Economics LLC in Boulder, said before the report. “We’re assuming a strong fourth quarter as assembly rates keep rising, the aircraft sector is also posting pretty sizeable gains in production. I think you’ve got a nice floor for the factory sector into year-end.”
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http://www.bloomberg.com/news/2013-09-30/chicago-index-rose-in-september-in-sign-manufacturing-improving.html
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