The Chicago Fed National Activity Index for January fell to 0.22 from a revised positive 0.54 reading in December, while the three-month moving average (CFNAI-MA3) improved to 0.14 in January from a revised 0.06 in December, the Federal Reserve Bank of Chicago reported Tuesday.

In January 2011, the activity index was 0.27, while the CFNAI-MA3 stood at 0.15.

The December index was originally reported as 0.17, while the December CFNAI-MA3 was first reported as negative 0.08.

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

The production indicators contributed 0.11 in the month (compared to a contribution of 0.54 in the previous month), while employment-related indicators contributed 0.35 in the month, after providing a 0.28 contribution in December, the Fed said.

Consumption and housing-related data contributed negative 0.27 in January, after contributing negative 0.30 the prior month, while sales, orders and inventories contributed 0.03 after a neutral month in December.

The index is a weighted average of 85 indicators of national economic activity.

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, the Fed said.

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