Excerpt: “The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. … The Chicago Fed National Activity Index (CFNAI) increased to –0.28 in May from –0.36 in April. Two of the four broad categories of indicators used to construct the index increased from April, but three categories made negative contributions in May. The index’s three-month moving average, CFNAI-MA3, decreased to –0.16 in May from +0.06 in April. The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.24 in May from –0.03 in April. Twenty-eight of the 85 individual indicators made positive contributions to the CFNAI in May, while 57 made negative contributions. Forty-three indicators improved from April to May, while 40 indicators deteriorated and two were unchanged. Of the indicators that improved, 21 made negative contributions.”
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