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“Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to -0.15 in May from +0.42 in April,” the Federal Reserve Bank of Chicago announced on Monday.

Key takeaways from the official publication

  • The CFNAI Diffusion Index, which is also a three-month moving average, moved down to +0.10 in May from +0.23 in April.
  • Forty-three indicators improved from April to May, while 42 indicators deteriorated.
  • Manufacturing industrial production decreased 0.7 percent in May after increasing 0.6 percent in April.  
  • Employment-related indicators contributed +0.13 to the CFNAI in May, up slightly from +0.12 in April.
    • Nonfarm payrolls rose by 223,000 in May after increasing by 159,000 in April.  
  • The contribution of the personal consumption and housing category to the CFNAI edged down to -0.04 in May from -0.03 in April.