The Chicago Fed National Activity Index was unchanged at 0.18 in August, the Federal Reserve Bank of Chicago reported Monday.
The Chicago fed said the index indicates there was steady economic growth last month.
Three of the four broad categories of indicators that make up the index increased last month while two of the four categories made positive contributions to the index in August.
The July monthly index value was revised to 0.18 from an initial estimate of 0.13 and the June monthly index value was revised to 0.36 from last month’s estimate of 0.48.
The index’s three-month moving average, CFNAI-MA3, rose to 0.24 in August from 0.02 in July.
The CFNAI Diffusion Index, which is also a three-month moving average, rose to 0.20 in August from 0.09 in July. The CFNAI was constructed using data available as of Sept. 20, when data for 51 of the 85 indicators had been released. For all missing data, the Chicago Fed said estimates were used in constructing the index.
Of the 85 individual indicators, 48 made positive contributions to the CFNAI in August, while 37 made negative contributions. Fifty-four indicators improved in August, while 30 indicators declined and one was unchanged. Of the indicators that improved, 18 made negative contributions.
The Chicago Fed said that employment-related indicators contributed –0.01 to the CFNAI in August, down from +0.13 in July. Civilian employment decreased 423,000 last month after rising 389,000 in July. The contribution of the personal consumption and housing category to the CFNAI edged up to –0.04 in August from –0.06 in July. On balance, the Chicago Fed said that housing indicators improved slightly from July, pushing up the category’s overall contribution in August.
