Title: Chicago Fed Survey of Business Conditions: 12 month Outlook for the US Economy in Federal Reserve District 7: Chicago Series ID: CFSBCOUTLOOK Source: Federal Reserve Bank of Chicago Release: Chicago Fed Survey of Economic Conditions Seasonal Adjustment: Not Seasonally Adjusted Frequency: Monthly Units: Index Date Range: 2013-01-01 to 2022-07-01 Last Updated: 2022-08-10 9:04 AM CDT Notes: What is the Survey of Economic Conditions? Contacts located in the Seventh Federal Reserve District are asked to rate various aspects of economic conditions along a seven-point scale ranging from "large increase" to "large decrease." A series of diffusion indexes summarizing the distribution of responses is then calculated. How are the indexes constructed? Respondents' answers on the seven-point scale are assigned a numeric value ranging from +3 to –3. Each diffusion index is calculated as the difference between the number of respondents with answers above their respective average responses and the number of respondents with answers below their respective average responses, divided by the total number of respondents. The index is then multiplied by 100 so that it ranges from +100 to −100 and will be +100 if every respondent provides an above-average answer and –100 if every respondent provides a below-average answer. Respondents with no prior history of responses are excluded from the calculation. What do the numbers mean? Respondents' respective average answers to a question can be interpreted as representing their historical trends, or long-run averages. Thus, zero index values indicate, on balance, average growth (or a neutral outlook) for activity, hiring, capital spending, and cost pressures. Positive index values indicate above-average growth (or an optimistic outlook) on balance, and negative values indicate below-average growth (or a pessimistic outlook) on balance. Beginning with the May 12, 2020 release, the CFSEC moved to a monthly release schedule. This release, with data for April 2020, now contains estimated monthly historical values for the CFSEC indexes, as will all future releases. For additional information on how the survey and indexes changed, see the CFSEC FAQs available here (https://www.chicagofed.org/research/data/cfsec/current-data). Prior to April 2022, the Chicago Fed Survey of Economic Conditions was named the Chicago Fed Survey of Business Conditions (CFSBC). The name change was made to better represent the survey’s aim and base of respondents. The goal of the survey is to assess the state of the economy in the Seventh Federal Reserve District. Moreover, since the beginning of the survey, it was been filled out by both business and nonbusiness contacts. DATE VALUE 2013-01-01 4.444444656372070000 2013-02-01 19.948215484619140000 2013-03-01 31.958314895629883000 2013-04-01 23.881893157958984000 2013-05-01 23.049646377563477000 2013-06-01 19.637504577636720000 2013-07-01 1.762523293495178200 2013-08-01 6.177960395812988000 2013-09-01 13.173822402954102000 2013-10-01 3.040112733840942400 2013-11-01 16.256156921386720000 2013-12-01 28.868026733398438000 2014-01-01 22.152013778686523000 2014-02-01 24.735750198364258000 2014-03-01 31.658237457275390000 2014-04-01 43.218994140625000000 2014-05-01 31.582603454589844000 2014-06-01 20.926181793212890000 2014-07-01 33.935146331787110000 2014-08-01 38.675292968750000000 2014-09-01 40.461051940917970000 2014-10-01 43.254959106445310000 2014-11-01 56.727420806884766000 2014-12-01 59.770557403564450000 2015-01-01 38.716423034667970000 2015-02-01 32.988437652587890000 2015-03-01 29.631469726562500000 2015-04-01 21.489028930664062000 2015-05-01 36.861778259277344000 2015-06-01 50.314796447753906000 2015-07-01 43.680824279785156000 2015-08-01 33.112037658691406000 2015-09-01 22.640230178833008000 2015-10-01 14.634063720703125000 2015-11-01 26.495384216308594000 2015-12-01 29.238956451416016000 2016-01-01 9.725756645202637000 2016-02-01 18.685220718383790000 2016-03-01 21.887151718139650000 2016-04-01 7.785526752471924000 2016-05-01 -1.831399798393249500 2016-06-01 0.032356005162000656 2016-07-01 16.254142761230470000 2016-08-01 22.008201599121094000 2016-09-01 18.892772674560547000 2016-10-01 12.828838348388672000 2016-11-01 29.203086853027344000 2016-12-01 44.681823730468750000 2017-01-01 45.123706817626950000 2017-02-01 46.897975921630860000 2017-03-01 45.683326721191406000 2017-04-01 32.178237915039060000 2017-05-01 37.653060913085940000 2017-06-01 38.892856597900390000 2017-07-01 30.397958755493164000 2017-08-01 33.210502624511720000 2017-09-01 43.502120971679690000 2017-10-01 53.903282165527344000 2017-11-01 67.099136352539060000 2017-12-01 73.022094726562500000 2018-01-01 58.687625885009766000 2018-02-01 43.142913818359375000 2018-03-01 33.571216583251950000 2018-04-01 39.545349121093750000 2018-05-01 25.133224487304688000 2018-06-01 15.915707588195800000 2018-07-01 31.716630935668945000 2018-08-01 34.736000061035156000 2018-09-01 20.521972656250000000 2018-10-01 23.512845993041992000 2018-11-01 7.066222667694092000 2018-12-01 -8.102737426757812000 2019-01-01 -0.267931908369064330 2019-02-01 13.783554077148438000 2019-03-01 20.825794219970703000 2019-04-01 6.627784729003906000 2019-05-01 12.441900253295898000 2019-06-01 19.296127319335938000 2019-07-01 4.031777858734131000 2019-08-01 -2.604293346405029300 2019-09-01 -0.717434227466583300 2019-10-01 9.587009429931640000 2019-11-01 27.406841278076172000 2019-12-01 37.135608673095700000 2020-01-01 30.665887832641600000 2020-02-01 -25.836977005004883000 2020-03-01 -54.701866149902344000 2020-04-01 -5.405405521392822000 2020-05-01 23.901098251342773000 2020-06-01 37.692306518554690000 2020-07-01 40.253162384033200000 2020-08-01 33.333332061767580000 2020-09-01 24.668436050415040000 2020-10-01 25.714284896850586000 2020-11-01 26.541553497314453000 2020-12-01 54.761905670166016000 2021-01-01 42.857143402099610000 2021-02-01 65.181060791015620000 2021-03-01 64.741645812988280000 2021-04-01 60.000000000000000000 2021-05-01 83.177566528320310000 2021-06-01 57.547168731689450000 2021-07-01 51.827239990234375000 2021-08-01 25.657894134521484000 2021-09-01 15.189872741699219000 2021-10-01 23.148147583007812000 2021-11-01 23.571428298950195000 2021-12-01 18.149467468261720000 2022-01-01 21.590909957885742000 2022-02-01 -7.766990184783935500 2022-03-01 -12.580644607543945000 2022-04-01 -38.972808837890625000 2022-05-01 -50.000000000000000000 2022-06-01 -63.343109130859375000 2022-07-01 -59.911895751953125000