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- Chicago Fed National Activity Index increases to 0.66 in January
Chicago Fed National Activity Index increases to 0.66 in January
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 0.66
in January 2021, up from a downwardly revised 0.41 in December 2020 (originally
0.52), pointing to faster expansion in economic activity than in the previous month.
That was the highest reading since October 2020.
At the same
time, the index’s three-month moving average decreased to +0.34 in January from
+0.49 in December.
According to
the report, all four broad categories of indicators used to construct the index
made positive contributions in January, but three categories fell from
December. Production-related indicators made a positive contribution of +0.28
to the CFNAI in January, down from +0.37 in December. Meanwhile, employment-related
indicators contributed +0.01 to the CFNAI in January, down from +0.05 in the
previous month. The contribution of the sales, orders, and inventories category
to the CFNAI reduced to +0.02 in January from +0.05 in December. The
contribution of the personal consumption and housing category to the CFNAI improved
to +0.35 in January from -0.06 in December.
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