The Chicago Fed Survey of Economic Conditions (CFSEC) Activity Index fell to -14 in September from +1 in August, signaling below-trend growth and broad deterioration across sectors.

• The Manufacturing Activity Index declined to -10 (Aug: +10), while the Nonmanufacturing Index fell further to -19 (Aug: -5), showing weakness in both segments.

• Outlooks for the next 12 months turned more pessimistic, with 47% of respondents expecting a decrease in overall economic activity.

• Hiring conditions softened as the current hiring index fell further to -26, and hiring expectations moved into negative territory at -38, pointing to weaker labor demand ahead.

• Capital spending expectations improved slightly but remained negative, suggesting firms remain cautious about investment despite some planned increases.

• Labor cost pressures rose, but nonlabor cost pressures eased; both indexes stayed negative, reflecting continued cost constraints despite mixed trends across categories.