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“The Chicago Fed National Activity Index (CFNAI) was unchanged at +0.18 in August. Three of the four broad categories of indicators that make up the index increased from July, and two of the four categories made positive contributions to the index in August,” the Federal Reserve Bank of Chicago announced on Monday.

Key takeaways from the press release

  • The CFNAI Diffusion Index, which is also a three-month moving average, increased to +0.20 in August from +0.09 in July.  
  • The contribution from production-related indicators to the CFNAI moved up to +0.16 in August from +0.10 in July.
  • Employment-related indicators contributed -0.01 to the CFNAI in August, down from +0.13 in July.  
  • The contribution of the personal consumption and housing category to the CFNAI edged up to -0.04 in August from -0.06 in July.