Regional manufacturing activity in a seven-state area that includes Kansas and part of Missouri declined in June, but at a slightly slower pace than the previous month, the Federal Reserve Bank of Kansas City said Thursday.
The Fed’s monthly manufacturing index posted a reading of minus 9 this month, an improvement from minus 13 in May, but down from minus 7 in April. The index covers production, new orders, employment, supplier delivery time, and raw materials costs.
The hardest-hit businesses were energy producers, said Chad Wilkerson, a vice president and economist at the Kansas City Fed.
On a positive note, Wilkerson said, regional manufacturers “continue to expect some stabilization in the months ahead and for orders to rise by the end of the year.”
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Besides Kansas and the northern part of Missouri, the Fed’s region covers Nebraska, Colorado, Wyoming, Oklahoma, and northern New Mexico.