April data come in weaker than expected.
The April Chicago Fed National activity index came in less than expected at 0.34 vs 0.48 expected:
- Prior month revised to 0.32 from 0.10
- The index is a compilation of 85 economic indicators
- Below 0 is below trend growth. Above 0 is above trend growth
- 50 of 85 were positive
- 35 of 85 were negative this month
- A year ago the index was at 0.44
- 3 month average move to 0.46 from 0.23 in March. A year ago it 3 month average was at 0.15.
Not a bad number. The prior month was revised sharply higher. The index is above the 6 and 12 month averages. It is below the 3 month average but still comfortably above the 0.0 level.
