U.S. Economy Still Running Below Trend In May, Chicago Fed Indicator Shows

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.