The January Chicago Fed National Activity Index narrowed to negative 3.45 from a revised negative 3.65 reading in December, originally reported as negative 3.26.

Meanwhile, the three-month moving average, or CFNAI-MA3, dropped to negative 3.41 in January from December’s revised negative 2.70 reading, initially reported as negative 2.40, the Federal Reserve Bank of Chicago reported yesterday.

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