The Chicago Fed national activity index for March fell to negative 0.29 from a revised positive 0.07 reading in February, while the three-month moving average, or CFNAI-MA3, declined to positive 0.05 in March from a revised positive 0.37 in February, the Federal Reserve Bank of Chicago reported Thursday.

In March 2011, the index was positive 0.52, while the CFNAI-MA3 was positive 0.16.

The February index was originally reported as negative 0.09, while the CFNAI-MA3 was first reported as positive 0.30.

The positive 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.

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