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Chicago Fed National Activity Index, July 2002
CFNAI Reflects Softness in July
In July, the Chicago Fed National Activity Index (CFNAI) fell below zero after being positive in the two previous months. Weakness in the employment-related data accounted for the largest negative contributions to the July index. The monthly index came in at –0.25 in July, down from +0.20 in June. July’s decline broke a string of consecutive monthly increases dating back to March. The three-month moving average index, CFNAI-MA3, was –0.01 in July.


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