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Midwest manufacturing declines

CHICAGO, Aug. 11 (UPI) -- The Chicago Federal Reserve Bank said Wednesday its Midwest manufacturing index fell in June as auto production declined.

The Chicago Fed's manufacturing index fell to 116.2 in June from a revised 117 in May.

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The decline was the largest in the regional auto sector, which fell 1.3 percent, and output in the resource and steel sectors also fell back.

The Chicago Fed Midwest Manufacturing Index is a monthly estimate of manufacturing output in the region by major industries. The survey covers the five states that make up the seventh Federal Reserve district: Illinois, Indiana, Iowa, Michigan and Wisconsin.

It is a composite index of 15 manufacturing industries that uses electrical power and hours worked data to measure monthly changes in regional activity.

The Chicago Fed Midwest Manufacturing Index provides a regional comparison with the manufacturing component of the Industrial Production Index compiled by the Federal Reserve Board.

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