The Chicago Fed National Activity Index (CFNAI) edged down to -0.19 in July from a revised -0.18 in June, signaling that U.S. economic activity remained below its historical trend for a fourth straight month. Although only one of the four broad categories deteriorated from June, three categories still contributed negatively to the index in July. Production-related indicators contributed -0.10, reversing from +0.01 in June. Employment-related indicators contributed -0.06, slightly better than -0.08 previously, while the sales, orders, and inventories category contributed -0.02, up from -0.10. The personal consumption and housing category made a neutral contribution, compared with -0.01 in June.