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- Chicago Fed National Activity Index decreases to 1.18 in July
Chicago Fed National Activity Index decreases to 1.18 in July
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 1.18
in July, down from an upwardly revised 5.33 in June (originally 4.11), pointing
to a slower growth in economic activity than in June but still
well-above-average of 0.01.
Economists had
forecast the index to come in at 2.73 in July.
At the same
time, the index’s three-month moving average moved up to +3.59 in July from -2.78
in June.
According to
the report, three of the four broad categories of indicators used to construct
the index made positive contributions in July, but all four categories dropped
from June.
Production-related
indicators made a positive contribution of 1.09 to the CFNAI in July, down from
+2.21 in June. Employment-related indicators contributed +0.38 to the CFNAI in July,
down from +1.94 in June. Meanwhile, the contribution of the sales, orders, and
inventories category to the CFNAI decreased to -0.31 in July from +0.77 in June.
The contribution of the personal consumption and housing category to the CFNAI
improved decreased to +0.02 in July from +0.42 in June.
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