CHICAGO, Oct 31 (Reuters) - Business activity in the U.S. Midwest contracted in October at a much more rapid rate than expected, a report showed on Friday.
The Institute for Supply Management-Chicago business barometer fell to 37.8 from 56.7 in September. Economists had forecast the index at 48.0. A reading below 50 indicates contraction.
The employment component of the index fell to 41.5 from 49.1 in September. Prices paid fell to 53.7 from 80.7 and new orders dropped to 32.5 from 53.9. (Reporting by Ros Krasny; Editing by James Dalgleish)