Midwest manufacturing activity expands less than expected in August

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(Shutterstock/Rudy Balasko)

Manufacturing activity in the Midwest expanded during August, though just slightly less than expected.

The latest Chicago manufacturing PMI came in at 54.4, just below the 54.5 reading that was expected and down slightly from the 54.7 reading in July.

This still indicates expansion in manufacturing activity in the Midwest through the summer, which had been hit hard during the winter months.

In its report, ISM said the report was "still consistent with a bounceback in activity in the third quarter following recent weaker growth."

Philip Uglow, chief economist at MNI Indicators, said: "It was pretty much steady as she goes in August with orders and output just about holding on to July's gains. While the slowdown earlier in the year looks temporary, we're still some way below the strong growth rates seen towards the end of 2014."

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