National activity index 3-mo. average sinks in May

The three-month average of a national activity index reached the lowest level in May since June 2011, the Chicago Fed said Monday. The Chicago Fed's CFNAI-MA3 dropped to -0.34 in May from -0.13 in April. The one-month index dropped to -0.45 in May from +0.08 in April. Both indexes are designed so that readings of zero indicate trend growth, and readings below -0.7 on the three-month average indicate a recession has likely begun. The index is a weighed reading of 85 different indicators, with actual data used in 51 indicators in May and estimates used for the rest

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