Na­tional Ac­tiv­ity In­dex Up As Pro­duc­tion Im­proves

The Bond Buyer - - Market News - — Gary E. Siegel

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.

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