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Chicago Fed National Activity Index edged up in October
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Led by improvements in production-related indicators, the Chicago Fed National Activity Index edged up to –0.13 in October from –0.20 in September. Two of the four broad categories of indicators that make up the index improved from September, and only the consumption and housing category remained negative in October.
The index’s three-month moving average, CFNAI-MA3, decreased to –0.27 in October from –0.16 in September. October’s CFNAI-MA3 suggests that growth in national economic activity was below its historical trend. Likewise, the economic slack reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the coming year.
Production-related indicators made a contribution of +0.15 to the index in October, up from –0.05 in September. Industrial production rose 0.7 percent in October after ticking down 0.1 percent in the previous month. Manufacturing production rose 0.5 percent in October after increasing 0.3 percent in September. Additionally, manufacturing capacity utilization increased to 75.4 percent in October from 75.1 percent in the previous month.
Posted: November 21, 2011 Monday 08:30 AM