Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to –0.15 in May from +0.14 in April. Two of the four broad categories of indicators used to construct the index decreased from April, and three of the four categories made negative contributions in May. The index’s three-month moving average, CFNAI-MA3, increased to –0.14 in May from –0.20 in April.