NEW YORK — The Chicago Fed National Activity Index for May slumped to negative 0.45 from a revised positive 0.08 reading in April, while the three-month moving average (CFNAI-MA3) declined to negative 0.34 in May from a revised negative 0.13 in April, the Federal Reserve Bank of Chicago reported Monday.

In May 2011, the index was negative 0.25, while the CFNAI-MA3 was negative 0.19 in that month.

The April index was originally reported as positive 0.11, while the April CFNAI-MA3 was first reported as negative 0.06.

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

The CFNAI diffusion index slipped to negative 0.20 from positive 0.06 the month before.

The production indicators subtracted 0.20 in the month (compared to a contribution of 0.42 in the previous month), while employment-related indicators were neutral in the month, after subtracting 0.13 in March, the Fed said.

Consumption and housing-related data subtracted 0.25 in the month, after subtracting 0.24 the prior month, while sales, orders and inventories were flat in the month, after adding 0.02 in April.

The index is a weighted average of 85 indicators of national economic activity. A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values are associated with below-trend growth while positive values indicate above-trend growth.

The index was constructed using data available by June 21, with data for 51 of the 85 indicators having been published by then. The Fed said it used estimates for the missing data.

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