Real gross domestic product (GDP) was essentially unchanged in July, following a 0.2% decline in June. Services-producing industries edged up 0.1% in the month, while goods-producing industries contracted 0.3%. Overall, 9 of 20 industrial sectors posted increases. The manufacturing sector (-1.5%) had the largest negative contribution in July, its largest since April 2021. This was the second consecutive monthly contraction for the sector. The July 2023 decline largely stems from lower inventory formation. Non-durable manufacturing contracted for the third time in the last four months in July, as five of nine ... (full story)