Aug. 31--The Midwest economy contracted in July, falling to its lowest level since October of 2012, the Federal Reserve Bank of Chicago said Monday.
The Federal Reserve's Midwest Economy Index fell to -0.12 from a neutral reading in June. A neutral reading indicates the Midwest economy, which includes Illinois, Indiana, Iowa, Michigan and Wisconsin, is expanding at historical levels.
The index measures growth in nonfarm business activity based on manufacturing, construction and mining, services and consumer spending. The economy was affected by a slowdown in activity in most sectors, except service, which was up slightly.
acancino@tribpub.com
