NEW YORK - The Chicago Fed National Activity Index for April rebounded to positive 0.11 from a revised negative 0.44 reading in March, while the three-month moving average (CFNAI-MA3) declined to negative 0.06 in April from a revised positive 0.02 in March, the Federal Reserve Bank of Chicago reported Monday.

In April 2011, the index was negative 0.84, while the CFNAI-MA3 was negative 0.18 in that month.

The March index was originally reported as negative 0.29, while the February CFNAI-MA3 was first reported as positive 0.05.

The negative reading for the CFNAI-MA3 indicates national economic growth was near its historical trend, and suggests subdued inflationary pressure from economic activity in the coming year, the Chicago Fed said.

The CFNAI diffusion index slipped to positive 0.10 from positive 0.19 the month before.

The production indicators contributed 0.36 in the month (compared to a subtraction of 0.31 in the previous month), while employment-related indicators were neutral in the month, after providing a 0.14 contribution in March, the Fed said.

Consumption and housing-related data subtracted 0.26 in the month, after subtracting 0.26 the prior month, while sales, orders and inventories contributed 0.01 in the month, after subtracting 0.01 in March.

The index is a weighted average of 85 indicators of national economic activity. A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values are associated with below-trend growth while positive values indicate above-trend growth.

The index was constructed using data available by May 17, with data for 51 of the 85 indicators having been published by then. The Fed said it used estimates for the missing data.


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