Chicago Fed National Activity Index points to a slowdown in economic growth in April

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 -0.45 in April, down from a revised +0.05 in March (originally -0.15), pointing to a decrease in economic growth.

Economists had forecast the index to come in at -0.33 in April.

At the same time, the index’s three-month moving average declined -0.22 in April from -0.16 in March.

According to the report, three of the four broad categories of indicators that make up the index dropped from March, and two of the four categories made negative contributions to the index in April.

The contribution from production-related indicators to the CFNAI moved down to -0.44 in April from -0.04 in March. The contribution of the personal consumption and housing category to the CFNAI decreased to -0.05 in April from a neutral value in March. Meanwhile, the sales, orders, and inventories category made a contribution of +0.01 to the CFNAI in April, down from +0.06 in March. Employment-related indicators contributed +0.04 to the CFNAI in April, up slightly from +0.03 in March.