National Activity Index Up As Production Improves
The Chicago Fed National Activity Index for November rose to 0.22 from a downwardly revised neutral level in October, while the three-month moving average (CFNAI-MA3) fell to 0.12 from a downwardly revised 0.23, the Federal Reserve Bank of Chicago reported Monday.
The CFNAI for October was originally reported as 0.14, while the CFNAI-MA3 was 0.31 in the first read.
In November 2017, the index was 0.35, while the CFNAI-MA3 was 0.45.
The CFNAI diffusion index, also a threemonth moving average, dropped to 0.06 from a downwardly revised 0.21, first reported as 0.32. A year ago, the diffusion index was 0.35.
The production indicators contributed 0.08 to CFNAI in the month (compared to a subtraction of 0.09 in the previous month), while employment-related indicators contributed 0.10 to the index in the month, after a 0.15 contribution in October, the Fed said.
Personal consumption and housing-related data subtracted 0.05 in the month, after taking 0.04 off the index in the prior month, while sales, orders and inventories added 0.09 in the month after a 0.02 subtraction the month before.