The Chicago Fed national activity index for July narrowed to negative 0.74 from a revised negative 1.82 reading in June, originally reported as negative 1.80.
Meanwhile, the three-month moving average, or CFNAI-MA3, improved to negative 1.69 in July from June’s revised negative 2.18 reading, initially reported as negative 2.12, the Federal Reserve Bank of Chicago reported yesterday.
In July 2008, the index was negative 1.29 and the CFNAI-MA3 was negative 1.17.
The negative reading for the CFNAI-MA3 indicates national economic growth was well below its historical trend and suggests little inflationary pressure from economic activity in the coming year.
