Led by improvements in production-related indicators, the Chicago Fed National Activity Index returned to its historical average of zero in July, up from –0.70 in June (A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth). Three of the four broad categories of indicators that make up the index improved from June, but only the production and income category made a positive contribution to the index in July.- Chicago Fed
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