The Chicago Fed National Activity Index (CFNAI) decreased to +0.17 in September from +0.27 in August, pointing to a moderation in the U.S. economic growth, the Chicago Federal Reserve Bank announced on Monday.

The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: production and income; employment; personal consumption and housing; and sales, orders and inventories.

The contribution from production-related indicators to the CFNAI moved down to +0.11 in September from +0.16 in August. Industrial production increased 0.3 percent in September after rising 0.4 percent in August. The sales, orders and inventories category made a contribution of +0.05 to the CFNAI in September, down from +0.10 in August. The Institute for Supply Management's Manufacturing New Orders Index decreased to 61.8 in September from 65.1 in August.

Employment-related indicators contributed +0.07 to the CFNAI in September, up slightly from +0.06 in August. The civilian unemployment rate decreased to 3.7 percent in September from 3.9 percent in August with non-farm payrolls increasing by 134,000 in September after rising by 270,000 in the previous month. The contribution of the personal consumption and housing category to the CFNAI edged up to -0.05 in September from -0.06 in August.

Meanwhile, the index's three-month moving average moved down to +0.21 in September from +0.27 in August.