ISM Chicago PMI advances to 11-month high at 66.4 vs 58 expected

"The MNI Chicago Business Barometer surged to an 11-month high of 66.4 in November, up 8.0 points from October’s 58.4," the Chicago PMI reported on Friday.

Key takeaways from the press release

• Business activity recorded its most impressive performance so far this year in November, ending a three-month run of declines. 
• November saw New Orders jump to the highest level since May 2014.
• Firms reported labor struggles continuing to restrain the ability to tackle backlogs over what is considered the busiest time of the year for many firms.
• The Employment indicator strengthened further in November, hitting a three-month high and moving further clear of the neutral-50 mark. 
• Prices Paid, despite moderating in November, remained locked in a historically high range.