Chicago Fed National Activity Index Declines in July

The Chicago Fed National Activity Index (CFNAI) declined to 1.18 in July from 5.33 in June, suggesting slower but still well-above-average growth last month.

The fall of the index was due to some moderation in the growth of production- and employment-related indicators, according to data by the Federal Reserve Bank of Chicago.

Three of the four broad categories of indicators used to construct the index made positive contributions in July, but all four categories decreased from June.

The index’s three-month moving average, CFNAI-MA3, rose to 3.59 in July from –2.78 in June.