Chicago Fed National Activity Index ticks up to -0.02 in June

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 -0.02 in June, up slightly from a revised -0.03 in May (originally -0.05), pointing to a marginal improvement in economic growth in June.

Economists had forecast the index to come in at 0.10 in June.

At the same time, the index’s three-month moving average was unchanged at -0.11 in June.

According to the report, one of the four broad categories of indicators that make up the index increased from May, and two of the four categories made negative contributions to the index in June.

Production-related indicators made a neutral contribution to the CFNAI in June, down from +0.08 in May. Meanwhile, the contribution of the sales, orders, and inventories category to the CFNAI dropped to -0.03 in last month from +0.02 in May, and the personal consumption and housing category contributed -0.05 in June, unchanged from May. The contribution of the employment-related indicators to the headline indicator improved to +0.06 in June, up from -0.08 in May.