---
source: Federal Reserve Bank of Chicago
url: https://www.chicagofed.org/research/data/cfnai/current-data
document_type: html
date_retrieved: 2026-04-23
period: March 2026
parent_publication: Chicago Fed National Activity Index
indicators_covered: [Chicago Fed National Activity Index (CFNAI), CFNAI-MA3, CFNAI Diffusion Index]
---

# Chicago Fed National Activity Index — March 2026

**Release Date:** April 23, 2026  
**Reference Period:** March 2026

## Headline

The Chicago Fed National Activity Index (CFNAI) decreased to **–0.20** in March from **+0.03** in February.

The index’s three-month moving average, CFNAI-MA3, decreased to **–0.03** in March from **+0.03** in February.

The CFNAI Diffusion Index, which is also a three-month moving average, increased to **–0.04** in March from **–0.08** in February.

## Category Contributions

- **Production-related indicators** contributed –0.20 to the CFNAI in March, down from +0.13 in February.
- **Sales, orders, and inventories** category's contribution was –0.01 in March, down from +0.05 in February.
- **Employment-related indicators** contributed +0.02 in March, up from –0.15 in February.
- **Personal consumption and housing** category's contribution was –0.01 in March, down from a neutral value in February.

## Indicator Details

Thirty-four of the 85 individual indicators made positive contributions to the CFNAI in March, while 51 made negative contributions. Forty-three indicators improved from February to March, while 40 indicators deteriorated and two were unchanged. Of the indicators that improved, 16 made negative contributions.

## Historical Values (Latest Six Months and Year-Ago)

|                 | Mar '26 | Feb '26 | Jan '26 | Dec '25 | Nov '25 | Oct '25 | Mar '25 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|
| **CFNAI**       |         |         |         |         |         |         |         |
| Current         | –0.20   | 0.03    | 0.08    | –0.02   | –0.27   | –0.49   | 0.16    |
| Previous        | N/A     | –0.11   | 0.20    | –0.12   | –0.13   | –0.51   | 0.15    |
| **CFNAI-MA3**   |         |         |         |         |         |         |         |
| Current         | –0.03   | 0.03    | –0.07   | –0.26   | –0.36   | –0.39   | 0.02    |
| Previous        | N/A     | –0.01   | –0.02   | –0.25   | –0.32   | –0.39   | 0.01    |
| **CFNAI Diffusion** |     |         |         |         |         |         |         |
| Current         | –0.04   | –0.08   | –0.23   | –0.46   | –0.52   | –0.56   | –0.15   |
| Previous        | N/A     | –0.17   | –0.13   | –0.39   | –0.46   | –0.56   | –0.15   |

*Note: Current and Previous values reflect index values as of the April 23, 2026 release and March 23, 2026 release, respectively. N/A indicates not applicable.*