A worker stacks boxes of television sets after they have been assembled, checked and repackaged, before moving them to the warehouse at Element Electronics in Winnsboro, South Carolina May 29, 2014. (Photo: Reuters)
The Chicago Fed National Activity Index (CFNAI) came in at 0.13, up from -0.30 in May and much stronger than the 0.10 median economist forecast. The index’s 3-month moving average, otherwise known as CFNAI-MA3, gained to +0.06 in June, up from –0.04 in May.
All 4 broad categories of indicators in the index gained from May, and 3 of the 4 made positive contributions to the index in June. The index for May was revised to –0.30 from an initial estimate of –0.26, and April was revised to +0.36 from the estimate of +0.57.
The CFNAI Diffusion Index, which is also a three-month moving average, rose to +0.01 in June from –0.08 in May. Forty (40) of the 85 individual indicators made positive contributions to the CFNAI in June, while 45 made negative contributions.
Fifty-six (56) indicators increased in June from May, while 28 indicators deteriorated and one was unchanged. Of the indicators that improved, 21 made negative contributions.
The CFNAI was constructed using data available as of July 20, 2017, when 51 of the 85 indicators had been published. Estimates were used for the remaining indicators in constructing the index.
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