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.”
Besides Kansas and the northern part of Missouri, the Fed’s region covers Nebraska, Colorado, Wyoming, Oklahoma, and northern New Mexico.