The Chicago Fed National Activity Index for October remained negative, declining to negative 0.73 from an upwardly revised negative 0.30 reading in September, originally reported as negative 0.45. Meanwhile, the three-month moving average, or CFNAI-MA3, declined to negative 0.56 in October after September’s number was upwardly revised to negative 0.25 from negative 0.31, the Federal Reserve Bank of Chicago reported yesterday.In October 2006, the index was negative 0.43 and the CFNAI-MA3 was negative 0.28.The negative reading for the CFNAI-MA3 indicates national economic growth was below its historical trend and suggests little inflationary pressure in the coming year.Production-related indicators contributed negative 0.39 to the index in October compared to negative 0.04 in September, while employment-related indicators contributed negative 0.20 compared to negative 0.07, the Fed said. Consumption and housing-related data contributed negative 0.14 in October, a slight change from negative 0.16 the prior month, while sales, orders, and inventories contributed positive 0.01 after a negative 0.04 contribution in September.The index is a weighted average of 85 indicators of national economic activity, and is constructed to have an average value of zero and a standard deviation of one. A zero value for the index indicates the national economy is expanding at its historical trend growth rate, negative values are associated with below-trend growth, and positive values indicate above-trend growth. Overall, 21 of the 85 indicators made positive contributions to the index last month and 64 made negative contributions. While 43 indicators were better than in September, 26 of these still made negative contributions to the index. In addition, 41 indicators deteriorated in October.
-
With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
1h ago -
Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
2h ago -
Steven Mahr moved to Chicago two years ago, and in March, he moved from Stifel to the city's finance department, where he's now happily tackling tough problems.
3h ago -
S&P Global Ratings joined Moody's in assigning a negative outlook to its triple-A rating, but a criteria change pushed Fitch's rating of the city up to AAA.
4h ago -
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
April 25 -
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
April 25