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UPDATE:Manufacturing in the Midwest grew at a slower pace in June, new data out of the Federal Reserve Bank of Kansas City shows.
The headline business activity index declined six points to 3, slightly missing expectations. A reading above zero indicates expansion.
“Factories in our region reported slower growth, easing price pressures, and rising uncertainty in June,” Kansas City Fed Economist Chad Wilkerson said in a statement. “Many firms noted concerns about economic conditions in Europe, but only a few had experienced sizeable direct negative impacts to date, and Tenth District factories as a whole still expect moderate growth heading forward.”
Employment trends in the Tenth Federal District also softened, with the index declining to 3 from 10 in May. Eleven per cent of firms polled said they expected to reduce their workforce, while 22 per cent said they planned on hiring.
Production remained mostly positive at 12, a dip from last month’s reading, while the volume of new orders was negative for another month, at -7.
Below, full output from the report.
Minutes away from the final economic announcement of the day: the Federal Reserve Bank of Kansas City’s Manufacturing report.
Economists polled by Bloomberg forecast the main index will decline five points to 4 in June.
The report covers Kansas, Colorado, Oklahoma, Wyoming, western Missouri, and northern New Mexico.
The announcement is scheduled for release at 11:00 a.m
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