CHICAGO, Nov. 30(Xinhua) -- The Chicago Purchasing Managers Index (Chicago PMI), also known as Chicago Business Barometer, rose to an 11-month high of 66.4 in November amid a significant surge in new orders.
However, many U.S. companies have voiced their concerns over higher tariffs due to unsolved trade disputes with China.
The Chicago PMI surged 8.0 points from October's 58.4, boosted by new orders which hit 54-month high, according to a statement released Friday by the Institute for Supply Management Chicago.
The barometer is considered to be a leading indicator of the U.S. economy. It is made up of production, new orders, order backlogs, employment and supplier deliveries indicators and is designed to predict future changes in U.S. gross domestic product.
"Although broad-based, with increases across all five of the Barometer's sub-components, resurgent orders, solid output and higher unfinished orders were the month's key drivers," said the statement.
"The MNI Chicago Business Barometer clipped a run of three consecutive declines in emphatic style in November, boosted primarily by resurgent orders, stronger than typically seen at this time of year and enough to push the barometer to its best level since December," said Jamie Satchi, economist at MNI Indicators, which compiles data for Chicago PMI on behalf of the Institute for Supply Management Chicago.
"However, many firms reported seeing the effects of higher China tariffs on their invoices for the first time, and voiced concern that business could be stifled going forward," he added.
