The Chicago Fed national activity index for December slipped to negative 0.61, down from a revised negative 0.39 reading in November.

Meanwhile, the three-month moving average improved to negative 0.61 in December from November’s revised negative 0.68 reading, the Federal Reserve Bank of Chicago reported yesterday.

The negative reading for the CFNAI-MA3 indicates national economic growth was below its historical trend and suggests little inflationary pressure from economic activity in the coming year.

However, the index “remained in a range that has historically been consistent with the early stages of a recovery following a recession,” the Chicago Fed said.

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