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US economic activity slips in July, Chicago Fed's index shows

The Federal Reserve Bank of Chicago's monthly gauge of U.S. economic activity slipped below average levels in July as all four broad economic categories making up the index weakened month over month and contributed negatively to the index.

The Chicago Fed National Activity Index, a weighted average of 85 individual economic indicators, declined to negative 0.36 in July from an upwardly revised reading of positive 0.03 recorded in the prior month. A negative index reading indicates below-average growth.

The fall in the index was primarily led by declines in production-related indicators, which contributed negative 0.25 to the index in July, down from an upwardly revised contribution of positive 0.09 in the previous month.

The contribution of the sales, orders and inventories category slid to negative 0.05 compared with an upwardly revised contribution of negative 0.01 in June.

Employment-related indicators contributed negative 0.01 to the index in July, compared with the prior month's contribution that was downwardly revised to a neutral value.

Personal consumption and housing indicators contributed negative 0.06 to the index, down from a contribution of negative 0.05 in the previous month.

Overall, 26 of the 85 individual indicators contributed positively to the index and the rest contributed negatively.

The index's three-month moving average edged up to negative 0.14 in July from the downwardly revised average of negative 0.30 in the three months to June.