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.

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