By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- More businesses in the Chicago region were expanding in November than at any time in the past 15 months, according to the Chicago purchasing managers index released Monday by the Institute for Supply Management of Chicago.
The business activity index rose to 56.1% in November from 54.2% in October. It's the highest since August 2008. The index fell as low as 31.4% in January.
Readings over 50% indicate more firms said business is getting better than said it was worsening.
The new orders index rose to 62.8% from 61.4%, an encouraging sign for future output and hiring.
The employment index rose to 41.9% from 38.3%, indicating most firms are still shedding workers.
The national ISM manufacturing index will be released on Tuesday. Economists surveyed by MarketWatch are looking for the ISM to fade to 55% from 55.7% in October. See our complete forecast and economic calendar.
