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Chicago Fed National Activity Index suggests economic growth decreased in January 2024
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The Chicago Fed National Activity Index (CFNAI) decreased to –0.30 in January from +0.02 in December. Three of the four broad categories of indicators used to construct the index decreased from December, and three categories made negative contributions in January. The index's three-month moving average, CFNAI-MA3, increased to –0.02 in January from –0.14 in December.
The CFNAI Diffusion Index, which is also a three-month moving average, increased to +0.03 in January from –0.09 in December. Twenty-six of the 85 individual indicators made positive contributions to the CFNAI in January, while 59 made negative contributions. Thirty-one indicators improved from December to January, while 53 indicators deteriorated and one was unchanged. Of the indicators that improved, 14 made negative contributions.
- Production-related indicators contributed –0.16 to the CFNAI in January, down from –0.08 in December.
- The sales, orders, and inventories category's contribution to the CFNAI was –0.04 in January, down from +0.05 in December.
- Employment-related indicators made a neutral contribution to the CFNAI in January, unchanged from December.
- The personal consumption and housing category's contribution to the CFNAI was –0.10 in January, down from +0.05 in December.
Posted: February 22, 2024 Thursday 08:30 AM