Chicago factory PMI posts sharp jump in September

Manufacturing sector activity in the Chicago area rocketed in September, a closely watched survey showed.

Market News International's factory sector Purchasing Managers' Index improved from a reading of 51.2 for August to 62.4 for September.

Consensus had been for a print of 52.0.

Over the third quarter as a whole, the PMI averaged 55.2 - the strongest reading since the first quarter of 2019.

A sub-index tracking output levels was especially strong, jumping by 16 points in September to hit a two-year high and was 29.2 points higher over the latest three-month stretch.

Order backlogs meanwhile were at their loftiest level since the first quarter of 2019.

Employment also improved, although firms continued to report additional layoffs.