The Chicago Fed national activity index for September narrowed to negative 0.22 from a revised negative 0.59 reading in August, while the three-month moving average improved to negative 0.21 in September from August’s unrevised negative 0.28, the Federal Reserve Bank of Chicago reported Monday.

 

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

 

The production indicators contributed a positive 0.02 in September, compared to negative 0.06 in the previous month, while employment-related indicators contributed positive 0.04 in the month following a negative 0.12 in August, the Fed said.

 

Consumption and housing-related data contributed a negative 0.30 in September, while sales, orders and inventories contributed positive 0.01.

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