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Chicago Fed National Index Falls to -0.36 in July

he Chicago Fed National Activity Index was -0.36, down from 0.03 the month before. The Federal Reserve Bank of Chicago said all four broad categories that comprise the index contributed negatively in July. 

Production-related indicators contributed -0.25 in July, down from 0.09 in June. Industrial production decreased 0.2% in July after increasing 0.2% in June. In July, manufacturing production decreased 0.4% after rising 0.6% in June. The sales, orders and inventories category decreased to -0.05 in July from -0.01 in June. 

Employment-related indicators contributed -0.01 in July after being flat in the previous month. The personal-consumption and housing category inched lower to -0.06 compared with -0.05 in the previous month. Total nonfarm payrolls increased by 164,000 in July, lower than the rise of 193,000 in June. 

The CFNAI-MA3, which the Chicago Fed says can show a more consistent view of economic growth, was -0.14. The three-month moving average was up from -0.30 the previous month. 

The Chicago Fed said the CFNAI Diffusion index edged lower to -0.19 in July from -0.15 in June. That three-month moving average shows how much a change in the monthly index spans across its more than 80 indicators, the Chicago Fed said. 

A CFNAI-MA3 reading of more than -0.70 and a CFNAI Diffusion Index reading of more than -0.35 have historically indicated economic expansion, the Chicago Fed said.

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