The Chicago Federal Reserve announced on Monday the Chicago Fed national activity index (CFNAI), a weighted average of 85 different economic indicators, came in at 0.29 in May, up from a revised -0.09 in April (originally 0.24), pointing to a pickup in economic expansion in the previous month.
At the same time, the index’s three-month moving average increased to +0.81 in May from +0.17 in April.
According to the report, three of the four broad categories of indicators used to construct the index made positive contributions in May, and three categories improved from April. Production-related indicators made a positive contribution of +0.29 to the CFNAI in May, up from -0.05 in April. Employment-related indicators contributed +0.16to the CFNAI in May, up from +0.06 in the previous month. The contribution of the sales, orders, and inventories category to the CFNAI improved to +0.02 in May from -0.06 in April. Meanwhile, the contribution of the personal consumption and housing category to the CFNAI worsened to -0.18 in May from -0.04 in April.
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