MNI Indicators’ report revealed on Friday that business activity in Chicago expanded in April, recording its tenth straight month of growth.

The MNI Chicago Business Barometer, also known as Chicago purchasing manager's index (PMI) came in at 72.1 in April, up from an unrevised 66.3 in March. This was the highest reading since December 1983.

Economists had forecast the index to decrease to 65.3.

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

According to the report, Order Backlogs (+16.2 points, to the highest level since December 1973) recorded the largest gain in April, while Supplier Deliveries (-3.5 points) posted the biggest drop. Elsewhere, New Orders (+9.9 points, to a near-7-year high), Production (+0.9 points, to the highest level since January 2018), Employment (+1.7 points, to the highest level since August 2018) all saw increases. In addition, Prices paid at the factory gate (+11.1 points) surged to a 41-year high as raw material shortages and transportation problems continue to weigh on the companies' cost burden.