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.
