Current Data
The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. The CFNAI is released at 8:30 a.m. ET on scheduled days, normally toward the end of each calendar month.
Index Suggests Economic Growth Decreased in July
The Chicago Fed National Activity Index (CFNAI) decreased to –0.34 in July from –0.09 in June. Two of the four broad categories of indicators used to construct the index decreased from June, and three categories made negative contributions in July. The index's three-month moving average, CFNAI-MA3, was unchanged at –0.06 in July
The CFNAI Diffusion Index, which is also a three-month moving average, increased to –0.11 in July from –0.13 in June. Twenty-eight of the 85 individual indicators made positive contributions to the CFNAI in July, while 57 made negative contributions. Thirty-one indicators improved from June to July, while 53 indicators deteriorated and one was unchanged. Of the indicators that improved, 12 made negative contributions.
- Production-related indicators contributed –0.28 to the CFNAI in July, down from –0.02 in June.
- The sales, orders, and inventories category's contribution to the CFNAI was –0.01 in July, up from –0.02 in June.
- Employment-related indicators contributed –0.08 to the CFNAI in July, down from –0.02 in June.
- The personal consumption and housing category's contribution to the CFNAI was +0.03 in July, up from –0.02 in June.
CFNAI, CFNAI-MA3, and CFNAI Diffusion for the Latest Six Months and Year-Ago Month
Jul '24 | June '24 | May '24 | Apr '24 | Mar '24 | Feb '24 | Jul '23 | |
---|---|---|---|---|---|---|---|
CFNAI | |||||||
Current | –0.34 | –0.09 | 0.23 | –0.32 | –0.18 | 0.35 | 0.13 |
Previous | N/A | 0.05 | 0.23 | –0.30 | –0.17 | 0.30 | 0.13 |
CFNAI-MA3 | |||||||
Current | –0.06 | –0.06 | –0.09 | –0.05 | –0.23 | –0.22 | –0.14 |
Previous | N/A | –0.01 | –0.08 | –0.06 | –0.25 | –0.23 | –0.14 |
CFNAI Diffusion | |||||||
Current | –0.11 | –0.13 | –0.09 | –0.10 | –0.14 | –0.10 | –0.03 |
Previous | N/A | –0.08 | –0.12 | –0.10 | –0.13 | –0.10 | –0.03 |
Download Center
CFNAI Indexes | Data file | XLSX |
Indicators List | Indicators used to construct the CFNAI | |
Technical Report | Report describing changes to the CFNAI as of January 2023 | |
Background Slides | A brief introduction to the CFNAI |