Midwest manufacturing continued to grow in July, but effects from tariffs and other trade restrictions plus interest-rate hikes are starting to slow the pace, Creighton University reported Wednesday.
The widely watched Mid-America Business Conditions Index, which includes Minnesota, fell to 57 in July, similar to national statistics. It is the second consecutive month in which regional factory growth slowed. The index was 67.3 in May and 61.8 in June. In Minnesota, the July index declined to 55.8 from 58.8 in June.
Any index above 50 indicates growth, so economists were far from panicked by the results. It has been 20 consecutive months since economic growth fully contracted across the nine-state region.
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