Midwest business activity speeds up

Business activity in the U.S. Midwest expanded in January for a 21st straight month and at a faster rate than expected, a report showed Monday.

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The National Association of Purchasing Management-Chicago business barometer rose to 62.4 from a revised 61.9 in December. Economists had forecast the index at 60.0. A reading above 50 indicates expansion.

The employment component of the index rose to 52.8 from a revised 51.1 in December. Prices paid fell to 76.5 from 84.4 and new orders rose to 65.8 from a revised 64.9.