The Chicago Fed National Activity Index rose in July to its historical average of zero, up from -0.70 in June. While only the production and income category made a positive contribution to the index in July, three of the four broad categories of indicators that make up the index improved.

The index’s three-month average lowered slightly to -0.17 in July from -0.12 in June, which suggests that growth in national economic activity was somewhat below its historical trend.

Production-related indicators made a contribution of +0.43 in July, up significantly from -0.16 in June. July also saw a 1.0 percent increase in total industrial production, a 1.1 percent increase in manufacturing production, and a 0.8 percent increase in manufacturing capacity utilization, up to 72.2 percent from 71.4 percent in June.

For a more information on the index, go to www.chicagofed.org/