Hopes of an acceleration in the US economic recovery in 2011 received a boost as fresh data on the health of the manufacturing sector and the labour market were strikingly better than forecasters had predicted.
The Chicago purchasing managers' index – a measure of manufacturing activity in the Midwest – soared from 62.5 to 68.6, the highest level since the late 1980s and way above economists’ expectations.
Meanwhile, the outlook for the jobs market brightened as the number of Americans filing to receive jobless claims unexpectedly dropped below the 400,000 mark for the first time in more than two years.
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