Chicago Fed National Activity Index - slight miss
Released On 6/24/2013 8:30:00 AM For May, 2013
Prior Prior Revised Consensus Consensus Range Actual
Level -0.53 -0.52 -0.25 -0.30 to -0.10 -0.30
3 Month Moving Average -0.04 -0.13 -0.43
Highlights
May's total slate of economic data points to contraction based on the national activity index which came in at minus 0.30, showing less contraction but not much from a revised minus 0.52 in April.
Contraction in the 4-week average is more severe than April, at minus 0.43 vs minus 0.13. This is the third straight negative reading for the 4-week average which is now at its lowest point since October last year.
The employment report, led by a respectable 175,000 rise in non-farm payroll, was May's highlight with employment-related indicators adding to May's results, but just barely at plus 0.01 vs April's minus 0.06.
The report's three other components all show contraction with sales/orders/inventories at minus 0.04, production at minus 0.10, and consumption & housing at minus 0.17.
This report points to a soft spot for the economy during spring when many factors, including consumer spending, were held down by unseasonably cold weather. Weak global markets have been a special negative for production.