Led by declines in production-related indicators, the Chicago Fed National Activity Index fell to -0.45 in April from +0.05 in March. Three of the four board categories of indicators that make up the index decreased from March, and two of the four categories made negative contributions to the index in April, The index’s three-month moving average, CFNAI-MA3, moved down to -0.32 in April from -0.24 in March.

The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.22 in April from –0.16 in March. Thirty-three of the 85 individual indicators made positive contributions to the CFNAI in April, while 52 made negative contributions. Thirty-seven indicators improved from March to April, while 48 indicators deteriorated. Of the indicators that improved, 14 made negative contributions.

The contribution from production-related indicators to the CFNAI declined to –0.44 in April from –0.04 in March. Industrial produc­tion decreased 0.5% in April after increasing 0.2% in March. The sales, orders, and inventories category made a contri­bution of +0.01 to the CFNAI in April, down from +0.06 in March.

Employment-related indicators contributed +0.04 to the CFNAI in April, up slightly from +0.03 in March. The civilian unemployment rate fell to 3.6% in April from 3.8% in March. The contribution of the personal consumption and housing category to the CFNAI moved down to -0.05 in April from a neutral value in March. On balance, consumption indicators weakened, pushing down the category’s overall contribution in April.