Factory activity in the Midwest accelerated in June, fostering hopes for a pickup in economic growth in the third quarter, Reuters reported.

The Institute for Supply Management – Chicago said on Thursday that its business barometer rose to 61.1 after slowing to 56.6 in May. Most economists had expected a drop. Readings greater than 50 signal expansion.

“This may be an indication that we are at least at the bottom of the slowdown, not only in manufacturing but also economic,” said Millian Mulraine, senior Macro Strategist at TD Securities in an interview with Reuters. “In the months ahead, we are likely to see a resurgence in growth.”

The brightening manufacturing picture was also enhanced by a Federal Reserve Bank of Kansas City survey that showed factory production in its region rebounded strongly this month after slumping in May. The reports raised the possibility that Friday’s Institute for Supply Management survey for June could show unexpected strength.

The strong factory data helped stocks on Wall Street rise for a fourth straight day.

In another indicator, consumer confidence reached a 10-week high, Bloomberg reported. The Bloomberg Consumer Comfort Index rose to minus 43.9 from minus 44.9. Readings of minus 40 or lower are generally associated with recessions and their aftermaths.