Chicago PMI surged to a reading of 58.7 in May, up from 49.0 in April, according to data released Friday, marking the best reading in over a year, just a month after the worst reading in three-and-a-half years. Economists polled by MarketWatch had expected a 49.9 reading. The rebound was highlighted by a surge in production, order backlogs, employment and supplier deliveries from contraction to expansion. Earlier, ISM-Milwaukee said its regional index tumbled to 40.7 from 48.4 in April. Readings above 50 indicate expansion. (full story)