MNI Indicators’ report revealed on Wednesday that business activity in Chicago expanded in March, recording its ninth straight month of growth.

The MNI Chicago Business Barometer, also known as Chicago purchasing manager's index (PMI) came in at 66.3 in March, up from an unrevised 59.5 in February. This was the highest reading since July 2018.

Economists had forecast the index to increase to 60.7.

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

According to the report, Production (+10.1 points, to a three-year high) recorded the largest gain in March. New Orders (+7.1 points) and Inventories (+5.1 points) also posted advances. In addition, Employment (+5.5 points) shifted into expansion territory in March, posting its first reading above 50 since June 2019. At the same time, Order Backlogs (-6 points) was the only major category to fall in March.