MNI Indicators' report showed that business activity in Chicago contracted in July. The MNI Chicago Business Barometer, also known as Chicago purchasing manager's index (PMI) came in at 58.9 this month, down from an unrevised 65.7 in June and below economists' forecast for 61.3. That was the lowest level since April. A reading above 50 indicates improving conditions, while a reading below this level shows worsening of the situation.

According to the report, all five components of the Barometer, namely Supplier Deliveries (-1.3 points, to 61.5), New Orders (-11.6 points, to 60.3), Production (-6.9 points, to 60.8), Order Backlogs (-4.9 points, to 57.9) and Employment (-4 points, to 52.6) fell in July.