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(CEP News) - The ISM-Chicago business barometer unexpectedly rebounded to 57.9 in August, led by advances in production and new orders.
The strong reading follows a score of 50.8 in July and surpassed economist forecasts for a reading of 50.0. Prices paid fell back to 80.6 in the month, following an 90.7 reading in July, which was the highest reading since 1980. The prices index has a six-month average of 85.2. Production gained nearly 14 points to 63.4 from 49.2 in July, while new orders saw the fifth month in a row of growth, moving further up to 60.2 from a previous 53.5. Inventories fell to 52.2 from 54.9 in July, but still marked the second straight month of growth. Employment also fell, to 39.2 from 45.9 in July. The Chicago Business Barometer, a regional survey of business activity in Illinois, Indiana and Michigan, is released by the Institute for Supply Management and Kingsbury International. By Stephen Huebl,
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, edited by Nancy Girgis,
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