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Chicago Fed National Activity Index decreased in March
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Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to –0.29 in March from +0.07 in February. All four broad categories of indicators that make up the index deteriorated from February, with the production and income and personal consumption and housing categories both making a negative contribution to the index in March.
The index’s three-month moving average, CFNAI-MA3, decreased to +0.05 in March from +0.37 in February. March’s CFNAI-MA3 suggests that growth in national economic activity was near its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the coming year.
The CFNAI Diffusion Index also moved lower in March, declining to +0.25 from +0.48 in the previous month. Forty of the 85 individual indicators made positive contributions to the CFNAI in March, while 45 made negative contributions. Thirty-three indicators improved from Februaryto March, while 51 indicators deteriorated and one was unchanged. Of the indicators that improved, six made negative contributions.
Posted: April 26, 2012 Thursday 08:30 AM