Chicago Fed: Index points to slower economic growth in August

"Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved down to –0.31 in August from +0.03 in July," the Federal Reserve Bank of Chicago announced on Monday.

Key quotes:

• Two of the four broad categories of indicators that make up the index decreased from July, and two of the four categories made negative contributions to the index in August.
• The index’s three-month moving average, CFNAI-MA3, decreased to –0.04 in August from a neutral reading in July.
• The contribution from production-related indicators to the CFNAI decreased to –0.36 in August from +0.03 in July.
• Personal consumption and housing-related indicators also made a negative contribution to the CFNAI in August—unchanged from July at –0.06.
• Employment-related indicators contributed +0.05 to the CFNAI in August, down from +0.09 in July.
• The sales, orders, and inventories category also made a positive contribution to the CFNAI in August, increasing to +0.06 from –0.04 in July.