2017 Economic Calendar
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United States : Chicago Fed National Activity Index  
Released On 6/26/2017 8:30:00 AM For May, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Level0.49 0.57 0.32 0.10  to 0.54 -0.26 
3 Month Moving Average0.23 0.21 0.04 

A decline in manufacturing production and weakness in employment combined to pull down the national activity index to minus 0.26 in May from a revised plus 0.57 in April. The production component fell to minus 0.16 from April's 0.53 reflecting May's 0.4 percent decline in manufacturing production. The employment component fell to minus 0.02 from 0.12 on a sharp drop in civilian employment in the household sample of the employment report and a modest slowing in payroll growth. The consumer & housing component is also a negative, at minus 0.09 from minus 0.07 and once again the result of weakness in housing permits. This report underscores how soft May really was for a second-quarter that looks increasingly at risk.

Consensus Outlook
The national activity index is expected to post a respectable 0.32 in May despite declines for manufacturing production, housing starts, and retail sales. But the unemployment rate declined and payroll growth was satisfactory. April's index was 0.49.

The Chicago Fed National Activity Index (CFNAI) is a monthly index that tracks overall economic activity and inflationary pressures. The CFNAI is a weighted average of 85 existing monthly indicators of national economic activity. It is constructed to have an average value of zero and a standard deviation of one. Since economic activity tends toward trend growth over time, a positive index reading corresponds to growth above trend and a negative index reading corresponds to growth below trend.  Why Investors Care

2017 Release Schedule
Released On: 1/262/233/204/245/226/267/278/219/2510/2311/2112/21
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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