The Chicago Fed National Activity Index (CFNAI) improved to -0.12 in August 2025 from -0.28 in July, indicating a modest pickup in activity though growth remains below trend.

• The CFNAI-MA3 (3-month moving average) edged up to -0.18 (Jul: -0.20), suggesting slightly firmer momentum but still negative overall.

• The CFNAI Diffusion Index increased to -0.24 (Jul: -0.29), reflecting a narrower spread of weakness across the 85 tracked indicators.

• Production-related indicators contributed -0.02 (Jul: -0.17), showing a significant easing of drag from the prior month.

• Sales, orders, and inventories were neutral (Jul: -0.02), pointing to stabilization in demand and supply conditions.

• Employment indicators contributed -0.07 (Jul: -0.10), indicating less weakness but still negative labor market conditions.

• Personal consumption and housing contributed -0.03 (Jul: +0.02), turning slightly weaker on the month.