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Business activity decelerates in August: Chicago Fed

A worker prepares parts to be assembled for industrial coffee grinding equipment at the Modern Process Equipment manufacturing facility in Chicago.
Tim Boyle | Bloomberg | Getty Images
A worker prepares parts to be assembled for industrial coffee grinding equipment at the Modern Process Equipment manufacturing facility in Chicago.

U.S. economic activity slowed in August, a closely watched gauge issued by the Chicago Federal Reserve said on Monday.

The Chicago Fed's National Activity Index fell 0.21 percent in August, following a 0.39 percent increase in the previous month. Any figure above zero indicates the economy is expanding faster than its traditional rate of growth.

The three-month average fell 0.07 percent, from a 0.20 percent increase in July, while employment-related indicators made a neutral contribution, down from +0.10 in July.