US Economy Expanded in July but at Slower Pace, Fed Says

The U.S. Federal Reserve building in a file photo. Karen Bleier/AFP via Getty Images

The U.S. economy continued to expand in July, though at a slower pace than in June, suggesting a trend of slower but still above-average economic growth as the country continues its fitful rebound from the lows of the CCP virus fallout, data from the Federal Reserve Bank of Chicago shows.

The Chicago Fed National Activity Index (CFNAI) came in at 1.18 in July, down from 5.33 in June, according to an Aug. 24 release. Economists polled by FactSet expected the index to register a substantially higher value of 4.0, so the Fed’s figures are a surprise to the downside.