Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to a neutral value in August from +0.29 in July. Three of the four broad categories of indicators used to construct the index made positive contributions in August, but three categories deteriorated from July. The index’s three-month moving average, CFNAI-MA3, moved up to +0.01 in August from –0.08 in July.