Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.12 in July from –0.33 in June. Two of the four broad categories of indicators used to construct the index increased from June, and two of the four categories made positive contributions in July. The index’s three-month moving average, CFNAI-MA3, ticked up to –0.13 in July from –0.15 in June.