The Chicago Fed National Activity Index (CFNAI) decreased to –0.10 in May from +0.19 in April. Two of the four broad categories of indicators used to construct the index decreased from April, and three categories made negative contributions in May. The index's three-month moving average, CFNAI-MA3, decreased to –0.03 in May from +0.07 in April.

The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.01 in May from +0.06 in April. Thirty-five of the 85 individual indicators made positive contributions to the CFNAI in May, while 50 made negative contributions. Forty-two indicators improved from April to May, while 41 indicators deteriorated and two were unchanged. Of the indicators that improved, 16 made negative contributions.

• Production-related indicators contributed –0.04 to the CFNAI in May, down from +0.23 in April.
• The sales, orders, and inventories category's contribution to the CFNAI was +0.02 in May, up from –0.04 in April.
• Employment-related indicators contributed –0.04 to the CFNAI in May, down from +0.05 in April.
• The personal consumption and housing category's contribution to the CFNAI was –0.04 in May, unchanged from April.