The Chicago Fed National Activity Index slipped to negative 1.04 in February from a revised negative 0.68 reading in January.

Meanwhile, the three-month moving average decreased to negative 0.87 in February after January’s number was revised to negative 0.73, the Federal Reserve Bank of Chicago reported yesterday.

In February 2007, the index was negative 0.28, while the CFNAI-MA3 was negative 0.24 that month.

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.

Production-related indicators contributed negative 0.39 to the index compared to a contribution of negative 0.12 in the previous month, while employment-related indicators contributed negative 0.36 after providing a negative 0.27 in January, the Fed said.

Consumption and housing-related data contributed negative 0.22 in the month, while sales, orders, and inventories contributed negative 0.08.

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