The Chicago Fed National Activity Index for November remained negative, but improved to negative 0.27, from a downwardly revised negative 0.89 reading in October (originally reported as negative 0.73). Meanwhile, the three-month moving average (CFNAI-MA3) increased to negative 0.53 in November, after October’s number was downwardly revised to negative 0.69 from negative 0.56, the Federal Reserve Bank of Chicago reported yesterday.In November 2006, the index was negative 0.59, while the CFNAI-MA3 was negative 0.47 in that month.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 positive 0.02 to the index (compared to a contribution of negative 0.54 in the previous month), while employment-related indicators contributed negative 0.10 after providing a negative 0.20 in October, the Fed said.
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