Research >> Economics
Chicago Fed National Activity Index up slightly
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The Chicago Fed National Activity Index was –3.45 in January, up slightly from –3.65 in December. All four broad categories of indicators made negative contributions to the index in January.
The three-month moving average, CFNAI-MA3, decreased to –3.41 in January from –2.70 in the previous month, reaching its lowest level since 1975. January’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.
The production and income category of indicators made a large negative contribution of –1.35 to the index in January after contributing –1.53 in December. Total industrial production decreased 1.8 percent in January after declining 2.4 percent in the previous month. In particular, manufacturing production of durable goods declined 4.8 percent in January, marking its largest one-month decline since December 1974.
Posted: February 23, 2009 Monday 08:30 AM