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Chicago Fed National Activity Index improved in February
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The Chicago Fed National Activity Index was –2.83 in February, up from –3.74 in January. Three of the four broad categories of indicators—employment, production, and consumption and housing—improved from January. However, all four categories continued to make negative contributions to the index in February.
The three-month moving average, CFNAI-MA3, increased to –3.48 in February from –3.61 in the previous month. February’s CFNAI-MA3 suggests that growth in national economic activity was well below its historical trend. With regard to inflation, it indicates little inflationary pressure from economic activity over the coming year.
Employment-related indicators made a large negative contribution of –1.29 to the index in February after contributing –1.51 in the previous month. Total nonfarm payroll employment decreased by 651,000 in February after declining 655,000 in January; and the unemployment rate rose to 8.1 percent in February from 7.6 percent in the previous month.
Posted: March 23, 2009 Monday 08:30 AM