Chicago Fed National Activity Index points to slower economic activity in February

The Chicago Federal Reserve announced on Monday the Chicago Fed national activity index (CFNAI), a weighted average of 85 different economic indicators, stood at -0.29 in February, down from a revised -0.25 in January (originally -0.43), pointing to a decrease in economic growth. 

At the same time, the index’s three-month moving average declined to -0.05 in February from +0.12 in January.

According to the report, two of the four broad categories of indicators that make up the index fell from January, and three of the four categories made negative contributions to the index in February.

The contribution from production-related indicators to the CFNAI moved up to -0.16 in February from -0.29 in January. Employment-related indicators contributed -0.10 to the CFNAI in February, down from +0.07 in the previous month. The contribution of the personal consumption and housing category to the CFNAI decreased to -0.06 in February from -0.03 in January. Meanwhile, the sales, orders, and inventories category made a contribution of +0.03 to the CFNAI in February, up slightly from +0.01 in January.