The Chicago Fed National Activity Index for May improved to negative 0.96 from a revised negative 1.23 reading in April, originally reported as negative 1.17, the Federal Reserve Bank of Chicago reported yesterday.

Meanwhile, the three-month moving average increased to negative 1.08 in May, after April’s number was revised to negative 1.27 from negative 1.24. In May 2007, the index was negative 0.29, while the CFNAI-MA3 was negative 0.15 in that month.

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