Chicago Fed National Activity Index: Economic Growth Decreased in July

The Chicago Fed's National Activity Index is a monthly indicator designed to gauge overall economic activity and related inflationary pressure. It is a composite of 85 monthly indicators as explained in this background PDF file on the Chicago Fed's website. The CFNAI is a forward-looking indicator that suggests how the economy will likely look in the near term and has been called one of the "most important and overlooked economic indicators". The index is constructed so a zero value for the index indicates that the national economy is expanding at its historical trend (average) rate of growth. Negative values indicate below-average growth, and positive values indicate above-average growth.

The headline for the latest release of the Chicago Fed's National Activity Index (CFNAI) reads "Index suggests economic growth decreased in July".

The Chicago Fed National Activity Index (CFNAI) fell to -0.34 in July from -0.09 in June. Two of the four broad categories of indicators used to construct the index decreased from June and three categories made negative contributions in July.