The Chicago Fed National Activity Index (CFNAI) declined to –0.10 in May 2026 from an upwardly revised +0.19 in April. Among the four broad categories of indicators that comprise the index, two weakened relative to April, and three made negative contributions in May.
Production-related indicators contributed –0.04 in May, down from +0.23 in April, while employment-related indicators also contributed –0.04, compared with +0.05 in the previous month. The personal consumption and housing category contributed –0.04, unchanged from April. In contrast, the sales, orders, and inventories category contributed a positive 0.02 in May, improving from –0.04 in April.
