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 2.61 in May, up from a downwardly revised record-low -17.89 in April (originally -16.74), pointing to a substantial increase in economic growth.

At the same time, the index’s three-month moving average jumped to -6.65 in May from -7.50 in April.

According to the report, all four broad categories of indicators used to construct the index made positive contributions in May, and all four categories rebounded from April, led by gains in production- and employment-related indicators.

Production-related indicators made a positive contribution of 0.89 to the CFNAI in May, up from -5.94 in April. Employment-related indicators contributed +1.53 to the CFNAI in May, up from -9.06 in April. The contribution of the sales, orders, and inventories category to the CFNAI increased to +0.02 in May from -1.59 in April. The contribution of the personal consumption and housing category to the CFNAI improved increased to +0.17 in May from -1.30 in April.