Manufacturing activity in five Midwestern states was up in July, rising 0.6 percent from June, according to figures released Monday by the Federal Reserve Bank of Chicago.

The July index, which covers Illinois, Indiana, Iowa, Michigan, and Wisconsin, climbed to 106.0, from an upwardly revised 105.3 in June. The Chicago Fed had initially pegged the June index at 104.9.

Regional output last month was up 0.5 percent, compared with July 2006. However, the year-over-year increase lagged behind the 1.9 percent gain in national output.

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While indicating economic growth in the factory sector, the latest numbers were compiled before problems in U.S. subprime mortgages spilled over to broader credit markets and sparked concerns about a potential economic slowdown.

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