By Greg Robb
WASHINGTON (MarketWatch) -- Manufacturing activity improved markedly in the Chicago region in October. The Chicago purchasing managers index rose to 54.2% from 46.1% in September, according to a survey of corporate purchasing managers released Friday. Readings over 50% indicate overall business expansion. Both new orders and production moved sharply higher in October. The Chicago PMI is considered a leading indicator to the national Institute for Supply Management manufacturers' survey for October to be released on Monday. The median forecast for the October ISM manufacturing composite is for an increase to 52.8 from a September reading of 52.6
