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 1.18 in July, down from an upwardly revised 5.33 in June (originally 4.11), pointing to a slower growth in economic activity than in June but still well-above-average of 0.01.

Economists had forecast the index to come in at 2.73 in July.

At the same time, the index’s three-month moving average moved up to +3.59 in July from -2.78 in June.

According to the report, three of the four broad categories of indicators used to construct the index made positive contributions in July, but all four categories dropped from June.

Production-related indicators made a positive contribution of 1.09 to the CFNAI in July, down from +2.21 in June. Employment-related indicators contributed +0.38 to the CFNAI in July, down from +1.94 in June. Meanwhile, the contribution of the sales, orders, and inventories category to the CFNAI decreased to -0.31 in July from +0.77 in June. The contribution of the personal consumption and housing category to the CFNAI improved decreased to +0.02 in July from +0.42 in June.