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.