The U.S. economy was still running below trend in May, according to the Chicago Fed's national activity index released Monday. The index, a weighted average of 85 different economic indicators, edged up to negative 0.17 from negative 0.19, and the three-month average edged up to negative 0.16 from negative 0.20. A zero reading shows the U.S. economy is running at its trend rate of growth, and readings in the three-month average below negative 0.70 indicate a recession has likely begun.
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