The Chicago Fed national activity index for October improved to negative 0.28 from a revised negative 0.52 reading in September, originally reported as negative 0.58.

Meanwhile, the three-month moving average, or CFNAI-MA3, slipped to negative 0.46 in October from September’s unrevised negative 0.33 reading, the Federal Reserve Bank of Chicago reported Monday.

In October 2009, the index was negative 0.86, while the CFNAI-MA3 was negative 0.68 in that month.

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 positive 0.08 in the month compared to a contribution of negative 0.12 in the previous month, while employment-related indicators contributed positive 0.03 in the month, after providing a negative 0.06 in September, the Fed said.

Consumption and housing-related data contributed negative 0.43 in the month, after contributing negative 0.41 the prior month, while sales, orders, and inventories contributed positive 0.05 in the month, after a positive 0.08 contribution in ­September.

The index is a weighted average of 85 indicators of national economic activity, and is constructed to have an average value of zero and a standard deviation of one. A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values are associated with below-trend growth while positive values indicate above-trend growth.

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