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Economy grows below trend in May, Chicago Fed says

Economy grows below trend in May, Chicago Fed says (by MarketWatch)

WASHINGTON (MarketWatch) -- The U.S. economy continued to grow slightly slower than its long-run average rate in May, according to the Chicago Fed's national activity index released Thursday. The index increased to negative 0.37 in May from a revised negative 0.56 in April. The index, based on 85 separate indicators of income, output, consumption and employment, is designed so that a zero reading matches the average growth rate. The index has been below zero for three of the past four months. The three-month average declined to negative 0.19 from negative 0.15, and reached the lowest level in six months. Based on history, the index would signal that a recession has begun if the three-month average falls below negative 0.70.