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Economic Activity <br />2.0% <br />1.0 % <br />0.0% <br />aj -1.0% <br />oa <br />s -2.0% <br />u <br />-3.0% <br />g -4.0% <br />0 <br />2 -5.0% <br />6.0% <br />7.0% <br />8.0% <br />Leading Economic Indicators (LEI) <br />Abr, ✓�'� �cl ✓a7 bpi �Cj Oct ✓ate �br, <br />1� 4 1� 1,g 119 119 19 <br />Source: The Conference Board <br />2.00 <br />1.00 <br />[sills] <br />a, -1.00 <br />00 <br />-2.00 <br />a -3.00 <br />s <br />0 -4.00 <br />M�118I11 <br />III <br />Chicago Fed National Activity Index (CFNAI) <br />O 18 ✓4j1� Oc"1cP ✓d� ,,9 �p~'79 1 ✓�/`9 cevq ✓d��O 9�~�O <br />Source: Federal Reserve Bank of Chicago <br />The Conference Board's Leading Economic Index (LEI) fell 4.4% in April, following a 7.4°% drop in March. On a year -over -year basis, the LEI was <br />down 11.5% in April reflecting broad -based deterioration. The LEI suggests that the US economy is facing a very deep contraction. According to <br />the Conference Board, although business conditions may recover in some sectors as the economy reopens, the depth of the decline in the LEI <br />does not imply a quick rebound for the economy at large. The Chicago Fed National Activity Index (CFNAI) declined to -16.74 in April from -4.97 <br />in March. On a 3-month moving average basis, the CFNAI declined to -7.22 in April from -1.69 in March, which is deeply below the -0.7 <br />recessionary level. <br />10 C►" <br />20 <br />