Research >> Economics
Chicago Fed National Activity Moderated in January
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Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to –0.32 in January from +0.25 in December. Three of the four broad categories of indicators that make up the index decreased from December, and only two of the four categories made positive contributions to the index in January.
The index’s three-month moving average, CFNAI-MA3, increased to +0.30 in January from +0.23 in December. Given the substantial upward revisions for November and December, January’s CFNAI-MA3 marked the third consecutive reading above zero. Additionally, January’s reading suggests that growth in national economic activity was somewhat 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 CFNAI Diffusion Index also moved up in January, increasing to +0.10 from +0.07 in December. Thirty-four of the 85 individual indicators made positive contributions to the CFNAI in January, while 51 made negative contributions. Thirty-three indicators improved from December to January, while 52 indicators deteriorated. Of the indicators that improved, 12 made negative contributions.
Posted: February 25, 2013 Monday 08:30 AM