Economic growth remained modest in July and early August, according to the Chicago Fed Survey of Business Conditions, released by the Federal Reserve Bank of Chicago Wednesday.
The survey's activity index narrowed to negative 18 from negative 23.
The manufacturing activity index increased to a neutral value from negative 31, while the nonmanufacturing activity index declined to negative 27 from negative 18.
Zero index values indicate that, on balance, activity, hiring, capital spending, or cost pressures are growing at their trend rates or that outlooks are neutral. Positive index values indicate above-average growth (or optimistic outlooks) on balance, and negative values indicate below-average growth (or pessimistic outlooks) on balance.
