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Chicago Fed National Activity Index suggests economic growth increased in February 2024
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The Chicago Fed National Activity Index (CFNAI) increased to +0.05 in February from –0.54 in January. All four broad categories of indicators used to construct the index increased from January, and three categories made positive contributions in February. The index's three-month moving average, CFNAI-MA3, decreased to –0.18 in February from –0.11 in January.
The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.09 in February from –0.04 in January. Forty-six of the 85 individual indicators made positive contributions to the CFNAI in February, while 39 made negative contributions. Fifty-four indicators improved from January to February, while 30 indicators deteriorated and one was unchanged. Of the indicators that improved, 17 made negative contributions.
- Production-related indicators contributed +0.02 to the CFNAI in February, up from –0.32 in January.
- The sales, orders, and inventories category's contribution to the CFNAI was +0.02 in February, up from –0.12 in January.
- Employment-related indicators contributed +0.01 to the CFNAI in February, up from –0.02 in January.
- The personal consumption and housing category made a neutral contribution to the CFNAI in February, up from –0.08 in January.
Posted: March 25, 2024 Monday 08:30 AM