US economic growth slowed a bit in June but is still above trend, according to the Chicago Fed National Activity Index

US economic growth slowed a bit in June but is still above trend, according to the Chicago Fed National Activity Index. The CFNAI's three month average dropped to 0.13 for June, compared to 0.28 in May. Keep in mind, any reading above zero corresponds to economic growth above trend. Moreover, an economy isn't deemed to be in recession unless the 3-month average is at -0.70 or below. The benchmark index has now had four above average months in a row, which suggests the economy is doing just fine. As a reminder, the CFNAI is based on a weighted average of 85 indicators across four broad data categories. (VIEW LINK)