The Chicago Federal Reserve announced on Tuesday the Chicago Fed national activity index (CFNAI), a weighted average of 85 different economic indicators, came in at -16.74 in April, sharply down from a revised -4.97 in March (originally -4.19), pointing to a substantial decline in economic growth. That was the lowest level on record.

Economists had forecast the index to come in at -0.92 in April.

At the same time, the index’s three-month moving average fell to -0.55 in April from -0.32 in March. According to the report, all four broad categories of indicators used to construct the index made negative contributions in March, and all four categories dropped from March.

Production-related indicators made a negative contribution of -5.63 to the CFNAI in April, down from -2.31 in March. Employment-related indicators contributed -9.06 to the CFNAI in April, down from -1.06 in March. The contribution of the sales, orders, and inventories category to the CFNAI fell to -1.24 in April from -0.81 in March. Meanwhile, the contribution of the personal consumption and housing category to the CFNAI edged down to -0.81 in April from -0.80 in March.