CFNAI Components: Employment, Production, Consumption, Sales

The Chicago Fed's National Activity Index, which we reported on this morning, is based on 85 economic indicators drawn from four broad categories of data:

  • Production and Income
  • Employment, Unemployment, and Hours
  • Personal Consumption and Housing
  • Sales, Orders, and Inventories

The complete list is available here in PDF format.

In this morning's Chicago Fed update, we learned that:

The Chicago Fed National Activity Index (CFNAI) fell to +0.01 in May from +0.40 in April. Two of the four broad categories of indicators used to construct the index made negative contributions in May, and two categories deteriorated from April. The index’s three-month moving average, CFNAI-MA3, decreased to +0.20 in May from +0.40 in April.

A chart overlay of the complete multi-decade span of all four categories, even if we use the three-month moving averages, is quite challenging for visual clarity:

CFNAI Components

So here is a close-up view since 2000:

CFNAI Components since 2000