May 31, 2018 / 1:01 PM / a year ago

U.S. Upper Midwest factory gauge rebounds in May

May 31 (Reuters) - A gauge of factory activity in the U.S. Upper Midwest rose in May, led by jumps in new orders and production after falling the previous two months, according a private survey released on Thursday.

Marquette University and the Institute for Supply Management-Milwaukee said their seasonally adjusted index of manufacturing in the Milwaukee region climbed to 67.90 this month from 58.26 in April.

A reading above 50 indicates regional factory activity is expanding.

The survey’s component on new orders, a proxy of future activity, increased to 67.90 from 45.54 last month, while its production gauge improved to 71.06 from 59.14. (Reporting by Richard Leong in New York; Editing by Chizu Nomiyama and Jeffrey Benkoe)

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