Posted July 24, 2023

Chicago Fed index inches downward

The Chicago Fed National Activity Index (CFNAI) edged down to –0.32 in June from –0.28 in May.

Three of the four broad categories of indicators used to construct the index decreased from May, and three of the four categories made negative contributions in June. The index’s three-month moving average, CFNAI-MA3, increased to –0.16 in June from –0.21 in May.

The CFNAI Diffusion Index, which is also a three-month moving average, moved up to –0.12 in June from –0.17 in May.

Thirty-one of the 85 individual indicators made positive contributions to the CFNAI in June, while 54 made negative contributions. Thirty-three indicators improved from May to June, while 51 indicators deteriorated and one was unchanged. Of the indicators that improved, 13 made negative contributions.