However, markets recovered after the National Association of Purchasing Management said its economic activity index fell to 46.9 in August from 50.5 in July.
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Key among the reports will be manufacturing activity indexes from the Federal Reserve Banks of Atlanta and Philadelphia, tomorrow and Thursday respectively, Labanowich said.
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In a separate report, the Institute for Supply Management reported that its non-manufacturing business activity index rose for the second straight month in December.
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The Federal Reserve Bank of Atlanta's national business activity index rose to a seasonally adjusted 10.3 last month, compared with a revised 7.1 in February.
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Countering those stronger-than-expected results, the Federal Reserve Bank of Philadelphia said its monthly manufacturing activity index fell to 21.5 in August from 38.6 in July.
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The better-than-expected result of Chile's Imacec economic activity index for June helped bolster retail shares as it suggests continued gains in domestic demand, traders said.
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The Imacec economic activity index came in at 3.6 percent, compared to the 4.3 percent consensus estimate in a recent central bank survey of market expectations.
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The Atlanta Fed's national business activity index rose to a seasonally adjusted 23 . 3 last month, compared with a revised 15 . 3 in June.
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But still, at 47 . 9 instead of the expected 44 reading, the National Association of Purchasing Management's business activity index means manufacturing declined in August.
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In 2013, The CIBC Metropolitan Economic Activity Index rated Winnipeg's economy as fourth in a national survey of 25 city economies, behind Toronto, Calgary, and Regina.