NEW YORK (Reuters) – The Chicago Federal Reserve said on Monday its barometer on U.S. economic activity retreated in May from its highest level since early 2014 due to a sharp deceleration in production, employment and housing activities.
The regional central bank’s national activity index dropped to -0.26 last month from an upwardly revised +0.57 in April, which was the strongest since +0.59 in March 2014.
The April reading was originally reported at +0.49.
A negative reading shows national economy is running below its historical average, while a positive reading suggests the economy is expanding faster than its historical average.
(Reporting by Richard Leong)