RPT-US Midwest business in surprise August expansion
August 29th, 2008 | by admin |(Repeats to additional subscribers)
CHICAGO, Aug 29 (Reuters) – Business activity in the U.S.Midwest expanded in August at a far more robust rate thanexpected as new orders jumped, a report showed on Friday.
The Institute for Supply Management-Chicago businessbarometer surged to 57.9 in August from 50.8 in July. Economists had forecast the index at 50.0, straddling the linebetween expansion and contraction.
The employment component of the index fell to 39.2 from45.9 in July. Prices paid eased to 80.6 from 90.7 and neworders jumped to 60.2 from 53.5.
(Reporting by Ros Krasny)