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Economic Report: Chicago PMI soars in May to highest level since 1973

Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

A measure of business conditions in the Chicago region had another strong reading in May, reaching its highest level in 47 years, a trade group said Friday.

The Chicago Business Barometer, also known as the Chicago PMI, jumped to 75.2 in May from 72.1, which was the highest since December 1983.

Economists polled by the Wall Street Journal forecast decline to a 68 reading.

Readings over 50 signal expansion.

The index is produced by the ISM-Chicago with MNI. It is sent to subscribers three minutes before its release to the public at 9:45 am Eastern.

The Chicago PMI is the last of the regional manufacturing indices before the national ISM data for May is released on Tuesday. The ISM factory index slipped to 60.7% in April but it was still the eleventh straight month above the 50% break.

Stocks opened higher on Friday with the Dow Jones Industrial Average

up 110 point, close to an all-time high.

Economic Report: U.S. trade deficit in goods narrows in April from record in prior month

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