CHICAGO, Oct. 31 (UPI) -- The Chicago Business Barometer jumped in October to the highest level since March 2011 in a fourth consecutive climb, the Supply Management said Thursday.
For monthly gains in the index, which climbed from 55.7 to 65.9, is the longest upward trend in more than three years, said the Institute for Supply Management, which releases the report in a partnership with the Deutsche Borse Group.
In October, the business index, which covers Illinois, Indiana and Michigan, was led by gains in new orders, production and order backlogs.
Businesses in the area were "seemingly unaffected by the government shutdown," the report said.
New orders reached the highest point in nine years. The production index reached a high unseen since February 2011.
Inventories contracted, but at a slower pace than August. Indexes for prices paid and supplier delivery times dropped marginally, the report said.
"While it is a little surprising to see such a large rise in activity, the consistent increase in the Barometer over the past four months suggests the recovery is gaining traction," said MNI Indicators Chief Economist Philip Uglow.
