Chicago PMI surges past expectations

WASHINGTON (MarketWatch)
Chicago PMI surged to a reading of 58.7 in May, up from 49.0 in April, according to data released Friday, marking the best reading in over a year, just a month after the worst reading in three-and-a-half years
Economists polled by MarketWatch had expected a 49.9 Reading
The rebound was highlighted by a surge in production, order backlogs, employment and supplier deliveries from contraction to expansion
Earlier, ISM-Milwaukee said its regional index tumbled to 40.7 from 48.4 in April
Readings above 50 indicate expansion