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- Chicago Fed National Activity Index points to a pickup in economic growth in March
Chicago Fed National Activity Index points to a pickup in economic growth in March
The Chicago Federal Reserve announced on Monday the Chicago Fed national
activity index (CFNAI), a weighted average of 85 different economic indicators,
stood at -0.15 in March, up from a revised -0.31 in February (originally -0.29),
pointing to a decrease in economic growth.
Economists had forecast the index to come in at 2.55 in March.
At the same time, the index’s three-month moving average declined to -0.18
in March from -0.08 in February.
According to the report, three of the four broad categories of
indicators that make up the index increased from February, but three of the
four categories made negative contributions to the index in March.
The contribution from production-related indicators to the CFNAI moved
up to -0.10 in March from -0.12 in February. Employment-related indicators
contributed -0.03 to the CFNAI last month, up from -0.15 in February. The
contribution of the personal consumption and housing category to the CFNAI
decreased to -0.07 in March from -0.06 in February. Meanwhile, the sales,
orders, and inventories category made a contribution of +0.05 to the CFNAI in
March, up slightly from +0.01 in February.
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