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- Chicago Fed National Activity Index points to a pickup in economic growth in May
Chicago Fed National Activity Index points to a pickup in economic growth in May
The Chicago
Federal Reserve announced on Monday the Chicago Fed national activity index
(CFNAI), a weighted average of 85 different economic indicators, came in at
-0.05 in May, up from a revised -0.48 in April (originally -0.45), pointing to
an improvement in economic growth in May.
Economists had
forecast the index to come in at -0.37 in April.
At the same
time, the index’s three-month moving average rose to -0.17 in May from -0.37 in
April.
According to
the report, three of the four broad categories of indicators that make up the
index increased from April, but only one of the four categories made a positive
contribution to the index in May
The
contribution from production-related indicators to the CFNAI moved up to +0.07
in May from -0.44 in April. The contribution of the personal consumption and
housing category to the CFNAI improved to -0.06 in May from -0.08 in April. Meanwhile,
the sales, orders, and inventories category made a neutral contribution to the CFNAI
in May, up slightly from -0.02 in April. Employment-related indicators contributed
-0.06 to the CFNAI in May, down from +0.05 in April.
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