Current Data
The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. The CFNAI is released at 8:30 a.m. ET on scheduled days, normally toward the end of each calendar month.
Index Suggests Economic Growth Increased in August
The Chicago Fed National Activity Index (CFNAI) increased to +0.12 in August from –0.42 in July. Two of the four broad categories of indicators used to construct the index increased from July, and one category made a positive contribution in August. The index's three-month moving average, CFNAI-MA3, decreased to –0.17 in August from –0.13 in July.
The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.23 in August from –0.11 in July. Thirty-six of the 85 individual indicators made positive contributions to the CFNAI in August, while 49 made negative contributions. Fifty-three indicators improved from July to August, while 32 indicators deteriorated. Of the indicators that improved, 21 made negative contributions.
- Production-related indicators contributed +0.21 to the CFNAI in August, up from –0.42 in July.
- The sales, orders, and inventories category's contribution to the CFNAI was –0.04 in August, down from +0.07 in July.
- Employment-related indicators contributed –0.01 to the CFNAI in August, up from –0.09 in July.
- The personal consumption and housing category's contribution to the CFNAI was –0.04 in August, down from +0.02 in July.
CFNAI, CFNAI-MA3, and CFNAI Diffusion for the Latest Six Months and Year-Ago Month
Aug '24 | Jul '24 | Jun '24 | May '24 | Apr '24 | Mar '24 | Aug '23 | |
---|---|---|---|---|---|---|---|
CFNAI | |||||||
Current | 0.12 | –0.42 | –0.20 | 0.23 | –0.35 | –0.17 | –0.20 |
Previous | N/A | –0.34 | –0.09 | 0.23 | –0.32 | –0.18 | –0.20 |
CFNAI-MA3 | |||||||
Current | –0.17 | –0.13 | –0.11 | –0.10 | –0.06 | –0.23 | –0.15 |
Previous | N/A | –0.06 | –0.06 | –0.09 | –0.05 | –0.23 | –0.15 |
CFNAI Diffusion | |||||||
Current | –0.23 | –0.11 | –0.15 | –0.08 | –0.09 | –0.12 | –0.12 |
Previous | N/A | –0.11 | –0.13 | –0.09 | –0.10 | –0.14 | –0.13 |
Download Center
CFNAI Indexes | Data file | XLSX |
Indicators List | Indicators used to construct the CFNAI | |
Technical Report | Report describing changes to the CFNAI as of January 2023 | |
Background Slides | A brief introduction to the CFNAI |