A Better Than Expected Economic Indicator?

In a period that seems as though nothing is going right for the market or economy, today's release of the Chicago Fed National Activity Index (CFNAI) provided a minor glimmer of hope as the reported number for July came in better than expected.  In the words of the Chicago Fed:

Led by improvements in production-related indicators, the Chicago Fed National Activity Index increased to –0.06 in July from –0.38 in June.  Three of the four broad categories of indicators that make up the index improved in July; only the sales, orders, and inventories category deteriorated from June.

In fact, today's reading of -0.06 was the best reading in the index since March of this year.

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