Chicago PMI hits highest level since January

Economic activity in the Chicago area unexpectedly improved in June, according to figures released on Friday.

The MNI Chicago business barometer rose to 64.1 from 62.7 in May, hitting its highest level since January and beating expectations for a reading of 60.0.

Four of the five barometer components strengthened on the month, leaving the index up 0.8% on the year.

Jamie Satchi, economist at MNI Indicators, said: "Stronger outturns in May and June left the MNI Chicago business barometer broadly unchanged in Q2, running at a pace similar to that seen throughout 2017. While impressive, supply-side frustrations are undermining firms’ productive capacity.

"Confusion surrounding the trade landscape continues to breed uncertainty among businesses and their suppliers and has led to many firms altering their immediate purchasing decisions."