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 4.11 in June, up from an upwardly revised 3.50 in May (originally 2.61), pointing to a further increase in economic growth.

At the same time, the index’s three-month moving average moved up to -3.49 from -6.36 in May.

According to the report, three of the four broad categories of indicators used to construct the index made positive contributions in June, and two of the four categories rose from May

Production-related indicators made a positive contribution of 2.22 to the CFNAI in June, up from +0.84 in May. Employment-related indicators contributed +1.74 to the CFNAI in June, up from +1.73 in May. Meanwhile, the contribution of the sales, orders, and inventories category to the CFNAI decreased to -0.24 in June from +0.04 in May. The contribution of the personal consumption and housing category to the CFNAI improved decreased to +0.40 in June from +0.89 in May.