The central bank's National Activity Index leaped to 2.61 last month from -17.89 in April, offering investors the latest hint of a V-shaped economic recovery. The gauge's three-month moving average rose to -6.65 from -7.5.
The Chicago Fed's Diffusion Index, which serves as a separate three-month average, climbed to -0.43 from -0.58. Periods of economic expansion are associated with the index's three-month moving average reaching -0.7 and its diffusion index breaking through -0.35.
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