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- Chicago Fed National Activity Index unexpectedly declines to -0.71 in October
Chicago Fed National Activity Index unexpectedly declines to -0.71 in October
The Chicago
Federal Reserve announced on Monday the Chicago Fed national activity index
(CFNAI), a weighted average of 85 different economic indicators, came in at
-0.45 in October, sharply down from an unrevised -0.45 in September, pointing
to slower economic growth.
Economists had
forecast the index to come in at -0.43 in October.
At the same
time, the index’s three-month moving average fell to -0.31 in October from -0.21
in September.
According to
the report, two of the four broad categories of indicators that make up the
index declined from September, and all four categories made negative contributions
to the index in October. Production-related indicators made a negative
contribution of -0.55 to the CFNAI in October, down from -0.36 in September.
Meanwhile, the contribution of the sales, orders, and inventories category to
the CFNAI edged up to -0.03 in October from -0.04 in September and the
contribution of the personal consumption and housing category to the CFNAI
ticked up to -0.03 from -0.05 in September. Employment-related indicators
contributed -0.10 to the CFNAI in October, down from +0.01 in September.
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