In August, the Chicago Fed National Activity Index (CFNAI) fell to its lowest level since December 2001, largely as a result of weakness in the production- and employment-related
data. The monthly index came in at –0.44 in August, down from its upward revised value of
–0.04 in July. The three-month moving average index, CFNAI-MA3, fell to –0.13 in August
from its upward revised value of +0.03 in July.