Investing.com - Manufacturing activity in the Chicago-area accelerated in November to a four-and-a-half year high as new orders and production boosted confidence, although the study noted concerns over labor issues and Chinese tariffs.
In a report, the Institute for Supply Management (ISM) said its Chicago purchasing managers’ index rose to a seasonally adjusted 66.4 this month, from 58.4 in October.
Analysts had expected the index to increase to only 58.6 in November.
On the index, a number above 50.0 indicates an expansion, while below indicates contraction.
MNI Indicators, which helps elaborate the report, noted that resurgent new orders, at their highest level since May 2014, and solid production led the jump.
In the negative, MNI noted that more than one third of firms see labor issues hindering their productivity next year.
“Despite the Barometer's rise, firms are concerned about future biz after seeing first effects of China tariffs on invoices" MNI economist Jamie Satchi added.