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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