July index well above forecasts; index above expansion benchmark for third straight month.
July 31, 2003: 10:10 AM EDT
CHICAGO (Reuters) - Manufacturing activity in the Midwest expanded strongly in July, according to figures released on Thursday.
The National Association of Purchasing Management-Chicago business barometer rose to 55.9 from 52.5 in June. A reading below 50 indicates a contracting regional manufacturing sector, while a reading above 50 signals expansion.
The index had risen above 50 in May after spending two months under that demarcation line, suggesting the U.S. is experiencing a mild recovery in business and manufacturing.
Economists polled by Reuters had forecast the July index at 54.0.
The employment component of the index rose to 46.0 from 43.8 in June. Prices paid fell to 47.9 from 49.1 last month. Production rose to 58.4 after from 56.5 in June.
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