2017 Economic Calendar
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Chicago Fed National Activity Index  
Released On 7/27/2017 8:30:00 AM For Jun, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Level-0.26 -0.30 0.10 -0.50  to 0.13 0.13 
3 Month Moving Average0.04 0.09 -0.05 

Production made for a roughly as expected 0.13 point gain in the national activity index for June, helping to offset a downwardly revised 0.30 fall in May. Industrial production rose 0.3 percent in June with a jump in the ISM manufacturing index also a positive for this component. Employment was a small plus for June as this component contributed 0.06 vs a 0.05 drag in May. Consumer spending & housing, which is a key indicator for the economic outlook, was negative in the month, at minus 0.04, but slightly less so than May's 0.09. Sales, orders & inventories added a marginal 0.02 vs a neutral contribution in May. The 3-month average best distills the overall direction of the economy right now, rising but only very modestly by 0.06.

Consensus Outlook
June was a strong month for payroll growth but a mixed one for retail sales and manufacturing. The housing component of the national activity index is certain to get a lift from the month's strong permit and starts results. Forecasters are calling for a slightly positive index in June, at 0.10 vs May's minus 0.26.

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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