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.

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