The Chicago Fed National Activity Index (CFNAI) decreased to –0.08 in July from +0.06 in June. Three of the four broad categories of indicators used to construct the index decreased from June, and two categories made negative contributions in July. The index's three-month moving average, CFNAI-MA3, decreased to –0.04 in July from +0.01 in June.

The CFNAI Diffusion Index, which is also a three-month moving average, decreased to +0.05 in July from +0.09 in June. Forty of the 85 individual indicators made positive contributions to the CFNAI in July, while 45 made negative contributions. Thirty-seven indicators improved from June to July, while 48 indicators deteriorated. Of the indicators that improved, seven made negative contributions.

• Production-related indicators contributed +0.01 to the CFNAI in July, down from +0.04 in June.
• The sales, orders, and inventories category's contribution to the CFNAI was +0.02 in July, down from +0.04 in June.
• Employment-related indicators contributed –0.01 to the CFNAI in July, up from –0.05 in June.
• The personal consumption and housing category's contribution to the CFNAI was –0.09 in July, down from +0.04 in June.