Research >> Economics
Chicago Fed National Activity Improved in September
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Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to 0.00 in September from –1.17 in August. All four broad categories of indicators that make up the index increased from August, and each one except the consumption and housing category made a positive contribution to the index in September.
The index’s three-month moving average, CFNAI-MA3, increased from –0.53 in August to –0.37 in September—its seventh consecutive reading below zero. September’s CFNAI-MA3 suggests that growth in national economic activity was below 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 up in September, increasing to –0.18 from –0.27 in August. Thirty-nine of the 85 individual indicators made positive contributions to the CFNAI in September, while 46 made negative contributions. Sixty-one indicators improved from August to September, while 23 indicators deteriorated and one was unchanged. Of the indicators that improved, 29 made negative contributions.
Posted: October 25, 2012 Thursday 08:30 AM