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Tuesday, May 17, 2022
HomeNewsEconomyChicago Fed National Activity Index (CFNAI) Moderates to +0.13 for July

Chicago Fed National Activity Index (CFNAI) Moderates to +0.13 for July

Workers assemble built-in appliances at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013. (Photo: Reuters)

The Chicago Fed National Activity Index (CFNAI) moderated to +0.13 in July, down from +0.48 and below the 0.38 consensus forecast. The CFNAI is a monthly index by the Chicago Fed to gauge overall economic activity and related inflationary pressure.

It’s a weighted average of 85 existing monthly indicators of national economic activity. It is constructed to have an average value of zero and a standard deviation of one.

While 3 of the 4 broad categories of indicators in the index fell from June, 3 of the 4 also made positive contributions in July.

The index’s 3-month moving average, CFNAI-MA3, declined to +0.05 in July from +0.20 in June. The CFNAI Diffusion Index, which is also a 3-month moving average, decreased to +0.08 in July from +0.19 in June.

Thirty-six of the 85 individual indicators made positive contributions to the CFNAI in July, while 49 made negative contributions. Thirty-four (34) indicators improved from June to July, while 51 indicators deteriorated. Of the indicators that improved, 13 made negative contributions.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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