Photo: Flickr / photoguyinmo
UPDATE:Manufacturing in the Midwest continued to improve in July, new data from the Federal Reserve Bank of Kansas City shows.
The key business activity index jumped two points to 5 this month, above estimates for a one point gain.
Production and shipment volume both declined during the month, falling 10 and 15 points to 2 and -3, respectively.
However, employment strengthened in July, with the number of employees sub-index up three points to 6.
“We saw continued sluggish growth from factories in our region in July,” Chad Wilkerson, economist for the Kansas City Fed, said. “New orders fell for the third time in four months, as exports dropped, and food prices are expected to rise. But firms continued to add to their workforces and anticipate increased capital spending heading forward.”
Below, key output from the report.
The Federal Reserve Bank of Kansas City is minutes away from releasing its monthly survey of manufacturers, a key gauge of business activity in the Midwest.
Economists polled by Bloomberg forecast the main index will improve one point to 4 in July.
The report covers Kansas, Colorado, Oklahoma, Wyoming, western Missouri, and northern New Mexico.
The announcement is scheduled for release at 11:00 a.m.