New figures on manufacturing and industrial production in July from the U.S. Federal Reserve Bank have dampened enthusiasm that manufacturing is on an upswing: U.S. manufacturing production for the month fell 0.1% to 95.4% of its 2007 average. This dip follows slight rises in May and June. MAPI Chief Economist Daniel Meckstroth says the small decline in July is a rebalancing from the previous month's growth. "In an economy that is growing at stall speed, this growth and decline pattern should be expected. Nevertheless, the fundamentals are improving and we predict that growth will accelerate during the remainder of this year and continue at a moderate pace in 2014."

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