MNI Indicators’ report revealed on Friday that business activity in Chicago expanded in January 2021 at a faster pace than in December 2020, recording its seventh straight month of growth.

The MNI Chicago Business Barometer, also known as Chicago purchasing manager's index (PMI) came in at 63.8 in January, slightly up from a revised 58.7 in December (originally 59.5). This was the highest reading since July 2018.

Economists had forecast the index to drop to 58.5.

A reading above 50 indicates improving conditions, while a reading below this level shows worsening of the situation.

According to the report, Production (+9.9 points, to the highest level since January 2018) and New Orders (+7.9 points, to the highest level since November 2018) registered the largest monthly gains among the main five indicators, while Employment (-4.5 points) recorded the biggest decrease.