The Chicago Fed National Activity Index (CFNAI) decreased to –0.20 in March from +0.03 in February. Three of the four broad categories of indicators used to construct the index decreased from February, and three categories made negative contributions in March. The index's three-month moving average, CFNAI-MA3, decreased to –0.03 in March from +0.03 in February.

The CFNAI Diffusion Index, which is also a three-month moving average, increased to –0.04 in March from –0.08 in February. Thirty-four of the 85 individual indicators made positive contributions to the CFNAI in March, while 51 made negative contributions. Forty-three indicators improved from February to March, while 40 indicators deteriorated and two were unchanged. Of the indicators that improved, 16 made negative contributions.

• Production-related indicators contributed –0.20 to the CFNAI in March, down from +0.13 in February.
• The sales, orders, and inventories category's contribution to the CFNAI was –0.01 in March, down from +0.05 in February.
• Employment-related indicators contributed +0.02 to the CFNAI in March, up from –0.15 in February.
• The personal consumption and housing category's contribution to the CFNAI was –0.01 in March, down from a neutral value in February.