The Chicago Fed national activity index for June improved to negative 0.46 from a revised negative 0.55 reading in May, the Federal Reserve Bank of Chicago reported Monday.

The three-month moving average, or CFNAI-MA3, slipped to negative 0.60 in June, from May’s revised negative 0.31,

In June 2010, the index was negative 0.53, and CFNAI-MA3 was negative 0.02.

The May index was originally reported as negative 0.37, while the April CFNAI-MA3 was first reported as negative 0.19.

The negative reading for CFNAI-MA3 indicates national economic growth was below its historical trend, and suggests subdued inflationary pressure from economic activity in the coming year, the Fed said.

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