The Chicago Fed National Activity Index fell to -0.04 in August 2026 from an upwardly revised +0.08 in July, matching market expectations and indicating economic growth below its historical trend. Production-related indicators contributed -0.07, while sales, orders and inventories contributed 0.00. Employment-related indicators improved to +0.01 from -0.01, and personal consumption and housing rose to +0.01 from -0.06. The index’s three-month moving average increased to +0.01 from -0.01. After the release, the dollar strengthened, with dollar-yen rising from 157.17 yen to 157.37 yen, euro-dollar falling from $1.1496 to $1.1484, and GBP/USD declining from $1.3400 to $1.3392. The index covers production, employment, consumption and other areas of U.S. economic activity, with zero representing the long-term average.