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Chicago Fed National Activity Index decreased in February
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Led by weaker production-related indicators, the Chicago Fed National Activity Index decreased to –0.09 in February from +0.33 in January. Two of the four broad categories of indicators that make up the index deteriorated from January, but of these two, only the production and income category made a negative contribution to the index in February.
The index’s three-month moving average, CFNAI-MA3, increased from +0.22 in January to +0.30 in February—its highest level since May 2010. February’s CFNAI-MA3 suggests that growth in national economic activity was above its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the coming year.
The contribution from production-related indicators to the index declined to –0.01 in February from +0.30 in January. Total industrial production was unchanged in February after rising 0.4 percent in January; and manufacturing production rose by 0.3 percent in February, following a much larger increase of 1.1 percent in the previous month.
Posted: March 26, 2012 Monday 08:30 AM