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Chicago Fed’s Activity Index Remains Negative for Second Month

The Federal Reserve Bank of Chicago’s National Activity Index held at minus 0.19 in June, the first back-to-back negative readings since the pandemic started in early 2020.

The three-month average, which smooths out monthly volatility, slipped to minus 0.04 in June from 0.09 a month earlier. Periods of economic expansion have historically been associated with an average higher than minus 0.7, according to the Chicago Fed.