Chicago Fed Index Increases for 5th Straight Month
June’s CFNAI-MA3 suggests that growth in national economic activity was well below its historical trend. The increase in the index was primarily due to the production and income category of indicators. This category made a smaller negative contribution to the index in June, –0.32, compared with its contribution in May, –0.70. The smaller negative contribution was driven by the fact that total industrial production decreased 0.4 percent in June after declining 1.2 percent in May.
MP: The Chicago Fed National Activity Index (CFNAI-MA3) has increased in each of the last five months, the first five consecutive monthly increase since the end of the 2001 recession, see bottom chart above.