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Sunday, December 5, 2021
HomeNewsEconomyChicago Fed National Activity Index (CFNAI): ‘Well-Above-Average Growth’ in July, Revised Higher for June

Chicago Fed National Activity Index (CFNAI): ‘Well-Above-Average Growth’ in July, Revised Higher for June

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

CFNAI-MA3 — the Three-Month Moving Average — Back in Positive Territory

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

The Chicago Fed National Activity Index (CFNAI) indicated slower, “but still well-above-average growth” in July, while economic growth in June was revised higher. The CFNAI came in +1.18 in July after an initially reported +4.11 in June, which was revised higher to +5.33.

Production and employment-related indicators drove the gain last month for the second straight month in a row, albeit at a more moderate pace. The CFNAI-MA3 — the three-month moving average — rose to +3.59 in July, up from –2.78 in June.

The CFNAI Diffusion Index — also a three-month moving average — increased to +0.62 in July, up from +0.14 in June. Fifty-six (56) of the 85 component indicators posted positive contributions to the CFNAI, while 29 posted negative contributions.

Twenty-five (25) indicators improved from June to July, while 60 deteriorated. Of the indicators that improved, 9 made negative contributions.

The CFNAI was based on data available as of August 20, 2020. At that time, July data for 51 of the 85 indicators had been published. Estimates were used for unavailable data to construct the index.

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.

Latest comment

  • I guess this means the economy is ‘improving!’ But does the data really reflect Main Street with record unemployment numbers, small business closing down permanently, commercial real estate vacancies, residential evictions, the hospitality industry that is non-existent, waiting for a cure for the corona virus, just to name a few issues.

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