U.S. economic activity expanded at a rate above its historical trend, a closely watched gauge issued by the Chicago Federal Reserve said on Monday.
The Chicago Fed's National Activity Index rose to 0.39 in July, up from 0.21 percent in the previous month. Any figure above zero indicates the economy is expanding faster than its traditional rate of growth.
The 3 month average rose to 0.25 percent, from 0.16 percent in June, but the index's employment component fell back to 0.13 percent, from 0.26 percent, consistent with a rise in the national unemployment rate.
In June, the Chicago Fed National Activity Index checked in at 0.12 percent in June.