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The Chicago Fed National Activity Index rose to -0.02 in June from -0.03 in May. One of the four broad categories of indicators that make up the index increased from May, and two of the four categories made negative contributions to the index in June. The index’s three-month moving average, CFNAI-MA3, moved up to -0.26 in June from -0.27 in May.
The CFNAI Diffusion Index, which is also a three-month moving average,was unchanged at –0.11 in June. Forty of the 85 individual indicators made positive contributions to the CFNAI in June, while 45 made negative contributions. Thirty-six indicators improved from May to June, while 49 indicators deteriorated. Of the indicators that improved, nine made negative contributions.
Production-related indicators made a neutral contribution to the CFNAI in June, down from +0.08 in May. Industrial production was unchanged in June after increasing 0.4% in the previous month. The contribution of the sales, orders and inventories category to the CFNAI decreased to -0.03 in June from +0.02 in May.
Employment-related indicators contributed +0.06 to the CFNAI in June, up from -0.08 in May. The total nonfarm payrolls rose by 224,000 in June after increasing by 72,000 in the previous month. The contribution of the personal consumption and housing category to the CFNAI was unchanged at -0.05 in June.