A report has shown that US manufacturing activity in the Chicago area accelerated for the third straight month in December.
The Chicago branch of the Institute for Supply Management (ISM) said its purchasing managers' index rose to 60, up from 56.1 in November and better than analysts had expected. Any figure above 50 means activity grew.
'From the perspective of December, the economy appears to have regained its footing, climbing out of the hole created by the Great Recession of 2007-2009,' the ISM said.
Production picked up, after slowing in November, reaching its highest level in more than a year. New orders rose for the third month running, to a high last seen in May 2007.
Order backlogs for the area, a major manufacturing region of the world's largest economy, rose for the first time in 16 months. Employment increased for the first time in two years.
