After a 2.9% drop in gross domestic product (GDP) in the first quarter of 2014, all eyes have been on June economic readings. After all, June marks the end of the second quarter. Now we have news from the Chicago Federal Reserve Bank that growth around the country came in a tad weaker in the month of June.

The Chicago Fed National Activity Index (CFNAI) edged down to +0.12 in June. The reading was +0.16 in May, but this was also revised lower from a reading of +0.21 initially. This slowing growth trend was led by slower growth in production-related indicators.

The Chicago Fed showed that two of the four broad categories of indicators that make up the index made what were referred to as “non-positive contributions to the index” in June. Two other categories posted gains.

The sales, orders, inventories component was unchanged at +0.04 and the while the consumption and housing component remained negative at -0.14 in June, versus -0.16 in May.

We would point out that the three-month average is above zero, at +0.13 but. Still, this is down handily from an upwardly revised plus 0.28 in May. This is still growth, but it is a deceleration of that growth.

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