US: Chicago Fed National Activity Index improves to 4.11 in June vs. 3.24 expected

• Chicago Fed's National Activity Index continued to improve in June.
• US Dollar Index stays in the negative territory below 96.00.

The Federal Reserve Bank of Chicago's National Activity Index (CFNAI) edged higher from 3.5 in May (revised from 2.61) to 4.11 in June. This reading came in slightly higher than the market expectation of 3.24.

"Production-related indicators contributed +2.22 to the CFNAI in June, up from +0.84 in May. Industrial production rose 5.4% in June after increasing 1.4% in May," the press release read.

Additional takeaways

"Employment-related indicators contributed +1.74 to the CFNAI in June, up slightly from +1.73 in May."

"Nonfarm payrolls rose by 4.8 million in June after increasing by 2.7 million in May, and initial unemployment insurance claims declined by 849,000 in June after falling by 2.2 million in the previous month." 

"The contribution of the personal consumption and housing category to the CFNAI decreased to +0.40 in June from +0.89 in May."

Market reaction

The US Dollar Index largely ignored this comment and was last seen losing 0.17% on the day at 95.65.