The Chicago Federal Reserve announced on Monday the Chicago Fed national activity index (CFNAI), a weighted average of 85 different economic indicators, came in at +0.10 in August, solidly up from a revised -0.41 in July (originally -0.36), pointing to a pickup in economic growth.

Economists had forecast the index to come in at -0.35 in August.

At the same time, the index’s three-month moving average rose to -0.12 in August from -0.20 in July.

According to the report, all four broad categories of indicators that make up the index grew from July, but three of the four categories made negative contributions to the index in August.

Production-related indicators made a positive contribution of +0.16 to the CFNAI in August, up from -0.26 in July. Meanwhile, the contribution of the sales, orders, and inventories category to the CFNAI improved up to -0.02 in August from -0.07 in July, while the contribution of the personal consumption and housing category to the CFNAI ticked up to -0.02 in August from -0.03 in July. Employment-related indicators contributed -0.02 to the CFNAI in August, up slightly from -0.05 in July.