Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.07 in April from –0.37 in March. All four broad categories of indicators used to construct the index increased from March, but two of the four categories made negative contributions in April. The index’s three-month moving average, CFNAI-MA3, decreased to –0.22 in April from –0.12 in March.