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- Chicago Fed National Activity Index decreases to -16.74 in April
Chicago Fed National Activity Index decreases to -16.74 in April
The Chicago
Federal Reserve announced on Tuesday the Chicago Fed national activity index
(CFNAI), a weighted average of 85 different economic indicators, came in at -16.74
in April, sharply down from a revised -4.97 in March (originally -4.19),
pointing to a substantial decline in economic growth. That was the lowest level
on record.
Economists had
forecast the index to come in at -0.92 in April.
At the same
time, the index’s three-month moving average fell to -0.55 in April from -0.32
in March. According to the report, all four broad categories of indicators used
to construct the index made negative contributions in March, and all four
categories dropped from March.
Production-related
indicators made a negative contribution of -5.63 to the CFNAI in April, down
from -2.31 in March. Employment-related indicators contributed -9.06 to the
CFNAI in April, down from -1.06 in March. The contribution of the sales,
orders, and inventories category to the CFNAI fell to -1.24 in April from -0.81
in March. Meanwhile, the contribution of the personal consumption and housing
category to the CFNAI edged down to -0.81 in April from -0.80 in March.
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