The Chicago Federal Reserve’s national activity index the Chicago Fed National Activity Iindex (CFNAI) moved up to +0.08 in June from –0.08 in May, largely due to improvements in production- and employment-related indicators. Three of the four broad categories of indicators that make up the index increased from May, and two of the four categories made positive contributions to the index in June.
The index’s three-month moving average, CFNAI-MA3, edged up to –0.01 in June from –0.07 in May. June’s CFNAI-MA3 suggests that growth in national ECONOMICactivity was very close to its historical trend. The ECONOMIC growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the coming year.