The Federal Reserve Bank of Chicago’s National Activity Index for July showed economic growth remained sluggish in July.
The index measured at -0.15, up from -0.23 in June. The three month moving average for the index indicates national economic growth was slower than it has historically been.
The NAI is a weighted average of 85 economic activity indicators in the areas of production and income; employment, unemployment and hours; personal consumption and housing; and sales, orders and inventories.
Thirty-eight of the indicators were positive in July, while 47 were negatively reflected in the NAI. The majority of the indicators improved from June to July.
A three-month moving average below -0.70 indicates a recession and above that value indicates the end of a recession. The average was -0.15 for July.
