Chicago Fed Activity Index Down in August

The Chicago Fed National Activity Index in the US decreased to -0.04 in August 2026 from an upwardly revised +0.08 in July, suggesting economic growth decreased. Production-related indicators contributed -0.07, down from 0.00 in July. The sales, orders, and inventories category's contribution was 0.00 in August, down from +0.15 in July. On the other hand, employment-related indicators contributed +0.01, up from -0.01 in July. The personal consumption and housing category's contribution was +0.01 in August, up from -0.06 in July. The index's three-month moving average, CFNAI-MA3, increased to +0.01 in August from -0.01 in July.

The Chicago Fed National Activity Index (CFNAI) edged down to -0.08 in July 2026 from 0.06 in June, signaling a slight deterioration in US economic activity. Three of the four broad categories of indicators used to construct the index decreased from June, and two categories made negative contributions in July. Production-related indicators contributed 0.01 points, down from 0.04 points in June, while the sales, orders and inventories category contributed 0.02 points, also easing from 0.04 points. Employment-related indicators improved to a negative 0.01-point contribution from negative 0.05 points in June. Meanwhile, the personal consumption and housing category weakened sharply, contributing negative 0.09 points after adding 0.04 points in June. The index's three-month moving average, CFNAI-MA3, decreased to –0.04 in July from +0.01 in June.

The Chicago Fed National Activity Index (CFNAI) rose to -0.02 in June 2026 from -0.19 in May, signaling a modest improvement in US economic activity. Two of the four broad categories made negative contributions to the index. The production-related category contributed -0.05, down from -0.03 in May, while employment-related indicators remained unchanged at -0.04. In contrast, the sales, orders, and inventories category improved to +0.01 from -0.09, and the personal consumption and housing category rose to +0.05 from -0.03. Meanwhile, the three-month moving average of the index (CFNAI-MA3) increased to -0.05 in June from -0.10 in May.