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Fed Index Shows Economic Sluggishness

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The Federal Reserve Bank of Chicago released its monthly National Activity Index today. The index show a slight improvement in the country’s ecomony from May to June, but the Fed’s Scott Brave says the numbers are still quite poor in a historical context.

BRAVE: The overall weakness is still more relevant at this point, that’s been going on now for a while. This slight improvement in the last couple of months, while interesting, is still dwarfed by the overall weakness that we’re seeing.

Unemployment held steady in June at 5.5 percent, and the production of durable goods increased. But the index still suggests the nation has entered a recession.

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