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Financial News: Chicago Fed National Activity Index Rises For First

Chicago Fed National Activity Index Rises For First Time In 3 Months

06/25/2024 - 09:17:00 (RTTNews)

(RTTNews) - The Chicago Fed's measure of overall economic activity and related inflationary pressure in the United States rose in May for the first time in three months, survey results showed Tuesday.

The Chicago Fed National Activity Index, or CFNAI, rose to +0.18 in May from -0.26 in April, which was revised from -0.23. In the same month last year, the reading was -0.17.

The latest score was the strongest since +0.29 in February. Three of the four broad categories of indicators used to construct the index increased from April, and two categories made positive contributions in May, the Chicago Fed said. The index's three-month moving average CFNAI-MA3 fell to -0.09 in May from -0.05 in April.

The CFNAI Diffusion Index, which is also a three-month moving average, dropped to -0.16 in May from -0.13 in April. Forty-eight of the 85 individual indicators made positive contributions to the CFNAI in May, while 37 made negative contributions. Further, 54 indicators improved from April to May, of which 14 made negative contributions. Twenty-nine indicators deteriorated from the previous month and two were unchanged. The survey also showed the contribution of production-related indicators to CFNAI rose to +0.23 in May from -0.15 in April.

Meanwhile, the sales, orders, and inventories category's contribution to the CFNAI deteriorated to -0.02 in May from -0.01 in April.

The employment-related indicators made a neutral contribution to the CFNAI in May versus -0.05 in April.

The personal consumption and housing category's contribution to the CFNAI improved to -0.03 in May from -0.06 in April.

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