Chicago Fed National Activity Index, June 2004

The Chicago Fed National Activity Index was 0.00 in June, a marked decrease from the May reading of +0.75. The production- and employment-related categories of indicators made negative contributions to the overall index in June, but these were offset by positive contributions from the consumption and housing category and from the sales, inventories, and orders category.

The three-month moving average, CFNAI-MA3, fell to +0.41 in June, from +0.68 in May. However, CFNAI-MA3 readings above zero are

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