Midwest Business Activity Cools in October

The pace of business activity in the U.S. Midwest slowed modestly in October as new orders eased, a report showed on Monday.

The Institute for Supply Management-Chicago business barometer dipped to 58.4 from 60.4 the month before, falling short of expectations of 59.0, according to a Reuters poll.

The new orders gauge slipped to 61.3 from 65.3, but the employment component of the index rose to 62.3 from 60.6. A reading above 50 indicates expansion in the regional economy.