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Chicago Fed National Activity Index increased in June
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Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to –0.15 in June from –0.48 in May. Two of the four broad categories of indicators that make up the index improved from May, but only the production and income category made a positive contribution in June.
The index’s three-month moving average, CFNAI-MA3, increased from –0.38 in May to –0.20 in June—its fourth consecutive reading below zero. June’s CFNAI-MA3 suggests that growth in national economic activity was below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the coming year.
The CFNAI Diffusion Index also moved up in June, rising to –0.08 from –0.22 in the previous month. Forty of the 85 individual indicators made positive contributions to the CFNAI in June, while 45 made negative contributions. Forty-two indicators improved from May to June, while 43 indicators deteriorated. Of the indicators that improved, 14 made negative contributions.
Posted: July 23, 2012 Monday 08:30 AM