Economic activity across the U.S. picked up in October, according to a report Monday, but trends suggest that national economic growth is still below historical levels.

The Chicago Fed National Activity Index increased to -0.08 last month from -0.23 in September.

A weighted basket of 85 indicators measuring four broad categories of the economy, the index is meant to provide a snapshot of national economic activity and inflation pressures. Readings at zero suggest the U.S. economy is growing at its long-run trend level, while negative prints indicate below-average growth. The -0.70 mark signals recession risk.

The four broad categories that make up the index are production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories. Each of the four indicator categories that make up the index rose from September, but all categories again made non-positive contributions in October.

The three month moving average edged downward to -0.27 in October from -0.20 in September, suggesting growth below historical trends. The economic growth reflected in the index's three-month moving average signals subdued inflationary pressure from economic activity over the coming year.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

November 21, 2016 12:35 ET (17:35 GMT)

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