Research >> Economics
Chicago Fed National Activity Index slowed in February
|
The Chicago Fed National Activity Index ticked down to –0.04 in February from –0.01 in January. Three of the four broad categories of indicators that make up the index made positive contributions in February, but for the second consecutive month they were offset by continued weakness in the consumption and housing category.
The index’s three-month moving average, CFNAI-MA3, increased to +0.11 in February from +0.05 in January, coming in positive for two consecutive months for the first time since April and May of 2010. February’s CFNAI-MA3 suggests that growth in national economic activity was slightly above its historical trend. With regard to inflation, the CFNAI-MA3 indicates limited inflationary pressure from economic activity over the coming year.
Employment-related indicators made a contribution of +0.30 to the index in February, up from +0.06 in January. Total nonfarm payroll employment rose by 192,000 in February after increasing by 63,000 in January. Also in February, the unemployment rate edged lower to 8.9 percent, and average weekly initial unemployment insurance claims declined below 400,000 for the first time since June 2008.
Posted: March 21, 2011 Monday 08:30 AM