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With employment jumping to its highest level in nearly five years, the Institute for Supply Management - Chicago released a report on Friday showing that activity in the Chicago-area manufacturing sector unexpectedly expanded at a faster pace in the month of January.
The report showed that the index of regional manufacturing activity jumped to 61.5 in January from 58.7 in December, with a reading above 50 indicting growth in the sector. The increase surprised economists, who had expected the index to slip to a reading of 57.2.
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