The Chicago Fed National Activity Index for May fell to 0.21 from a revised 0.25 reading in April, while the three-month moving average improved to 0.28 in May from April’s revised 0.05 reading, the Federal Reserve Bank of Chicago reported yesterday.

The positive readings for the CFNAI-MA3 indicate national economic growth was above its historical trend and suggest limited inflationary pressure from economic activity in the coming year, the Chicago Fed said.

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