Reports from most of the twelve Federal Reserve Districts indicated that overall economic activity continued to expand at a modest to moderate pace in June and early July. The Atlanta, St. Louis and San Francisco Districts reported modest growth, while Boston, Chicago, Minneapolis, Kansas City and Dallas described economic activity as advancing moderately. The New York, Philadelphia and Cleveland Districts noted that activity continued to expand, but at a slower pace since the last report, while Richmond cited mixed activity.

Manufacturing activity continued to expand slowly in most Districts, and Cleveland, Atlanta, Chicago and Kansas City cited slight increases in production levels. However, several Districts reported a deceleration in new orders, and the Philadelphia and Richmond Districts reported declines in shipments and orders.

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