The Chicago Fed National Activity Index (CFNAI) decreased to –0.10 in May 2026, from an upwardly revised +0.19 in April. Two of the four broad categories of indicators used to construct the index decreased from April, and three categories made negative contributions in May. Production-related indicators contributed –0.04 in May, down from +0.23 in the prior month, while employment-related indicators contributed –0.04 (down from +0.05). The personal consumption and housing category's contributed –0.04, remaining unchanged from April. Meanwhile, the sales, orders, and inventories category's contributed positively by 0.02 (up from –0.04).