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HomeNewsEconomyChicago Fed National Activity Index (CFNAI) Picks Up in May

Chicago Fed National Activity Index (CFNAI) Picks Up in May

U.S. economy on an American flag background waving in the wind, in 3D rendering. (Photo: AdobeStock)

IndicatorPriorPrior RevisedConsensus ForecastForecast RangeResult
CFNAI-0.45 -0.48 -0.18 -0.60  to -0.15 -0.05 
CFNAI 3-Month Avg.-0.22-0.37-0.17

The Chicago Fed National Activity Index (CFNAI) rose to –0.05 in May from –0.48 in April, a forecast beat fueled by production-related indicators. The CFNAI-MA3, the 3-month moving average, rose to –0.17 from –0.37.

The readings point to a pickup in economic growth in May. While three of the index’s four broad categories of indicators increased from April, just one made a positive contribution to the index in May.

The CFNAI Diffusion Index, also a 3-month moving average, gained to –0.12 from –0.26. Thirty-nine (39) of the 85 indicators made positive contributions to the CFNAI in May, while 46 made negative contributions. Forty-nine (49) indicators improved, while 36 indicators worsened.

Among the indicators that improved for the month, 20 made negative contributions.

How to Read the Chicago Fed National Activity Index (CFNAI)

A zero value should indicate the U.S. economy is expanding at its historical rate of growth, or average). Negative values should indicate below-average growth in standard deviation units, while positive values indicate above-average growth.

More Economic News for May

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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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