Chicago PMI accelerates in May Posted:Fri, 30 May 2014 13:54:32 GMT WASHINGTON (MarketWatch) -- Chicago PMI accelerated in May, according to the Chicago business barometer released Friday. It rose to 65.5 in May from 63.0 in April, beating the MarketWatch-compiled consensus of 62.1. It is the highest level of the PMI since October. Order-backlogs rose to a three-year high in May while new orders rose slightly. Any reading over 50 indicates expansion."We've had false dawns before, but the long run of strength in the survey, coupled with other more positive economic data, suggests growth is becoming more entrenched," said Philip Uglow, the chief economist at MNI Indicators.