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Activity in the Chicago-area manufacturing sector unexpectedly expanded at a faster pace in the month of December, according to a report released by the Institute for Supply Management - Chicago on Wednesday, with the report showing a turnaround in employment.
The ISM - Chicago said its index of manufacturing activity rose to 60.0 in December from 56.1 in November, with a reading above 50 indicating growth in the sector. The increase surprised economists, who had expected the index to edge down to a reading of 55.1.
A turnaround in employment contributed to the improvement in the sector, with the employment index jumping to 51.2 in December from 41.9 in November.
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