US national activity index slows in May

A widely-followed gauge of US economic activity turned lower in May, but remained above year-earlier levels.

The Federal Reserve bank of Chicago's national activity index slipped from a reading of +0.42 points for April to -0.15 in May.

That saw its three-month moving average slow from a reading of +0.48 in the month before to +0.18.

Production-related indicators accounted for the bulk of the move to the downside, contributing -0.29 points in May, versus +0.33 in April.

The contribution from personal consumption and housing was slightly more negative as well, with their contribution slipping from -0.03 to -0.04.

In the same month one year ago the, the activity index stood at -0.19, while the three-month moving average was at +0.10.