A gauge of Chicago-area businesses somewhat pulled back in November, after rising in October to the strongest level since March 2011, but still beat the consensus estimate from analysts
The Chicago purchasing managers index fell to 63 in November, led by new orders, production and order backlogs
Economists surveyed by MarketWatch had expected a November index reading of 59, compared with 65.9 in October
Results over 50 indicate an expansion from the prior month
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WASHINGTON (MarketWatch) - The leading economic index for the U.S. rose 0.2% in October to 97.5, following gains of 0.9% in September and 0.7% in August, the Conference Board said Wednesday. "The recent increase in the index supports our forecast that the U.S. economy is poised to grow somewhat faster at 2.3% in 2014 compared to 1.6% in 2013," said Ken Goldstein, economist at the board. The coincident index, which measures current conditions, gained 0.2% in October, while the lagging index advanced 0.3%. In September, the increase in the index was revised up from an originally reported 0.7%.
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