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Chicago Fed National Activity Index, July 2023
Index Points to Little Change in Economic Growth in June

The Chicago Fed National Activity Index (CFNAI) edged down to –0.32 in June from –0.28 in May. Three of the four broad categories of indicators used to construct the index decreased from May, and three of the four categories made negative contributions in June. The index’s three-month moving average, CFNAI-MA3, increased to –0.16 in June from –0.21 in May.

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