The Chicago Fed’s national activity index for May improved to negative 0.37 from a revised negative 0.56 reading in April, while the three-month moving average, or CFNAI-MA3, slipped to negative 0.19 in May from April’s revised negative 0.15, the Federal Reserve Bank of Chicago reported Thursday.
In May 2010, the index was positive 0.10, while the CFNAI-MA3 was positive 0.31 in that month.
The negative reading for the CFNAI-MA3 indicates national economic growth was somewhat below its historical trend, and suggests subdued inflationary pressure from economic activity in the coming year, the Fed said.
