Posted September 21, 2020

Chicago Fed National Activity Index shows slower August growth

Led by some further moderation in the growth of production-related indicators, the Chicago Fed National Activity Index declined to +0.79 in August from +2.54 in July.

Two of the four broad categories of indicators used to construct the index made positive contributions in August, but all four categories decreased from July. The index’s three-month moving average moved down to +3.05 in August from +4.23 in July.

The CFNAI Diffusion Index, which is also a three-month moving average, decreased to +0.62 in August from +0.73 in July. Forty-five of the 85 individual indicators made positive contributions to the CFNAI in August, while 40 made negative contributions. Twenty-nine indicators improved from July to August, while 56 indicators deteriorated. Of the indicators that improved, 11 made negative contributions.

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