NEW YORK - 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 index was 0.27, while the CFNAI-MA3 was 0.15 in that month.
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 the month, after contributing negative 0.30 the prior month, while sales, orders and inventories contributed 0.03 in the month, 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.
Overall, 50 of the 85 indicators made positive contributions to the index in the month and 35 made negative contributions. While 48 indicators were better than the previous month, 15 of these still made negative contributions to the index. Also, 36 indicators deteriorated from December to January.
The index was constructed using data available by Feb. 16, with data for 49 of the 85 indicators having been published by then. The Fed said it used estimates for the missing data.
