Midwest business index unexpectedly up in October

By Reuters
Posted Oct. 29, 2010 at 12:38 p.m.

Business activity in the U.S. Midwest grew more than expected this month, a report showed on Friday.

The Institute for Supply Management-Chicago business barometer unexpectedly rose to 60.6 in October. The reading was 60.4 in September, and economists had forecast an October reading of 58.0.

A reading above 50 indicates expansion in the regional economy.

The employment component of the index rose to 54.6. It was 53.4 in September. New orders rose to 65.0, from 61.4 last month.

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