The Chicago Fed National Activity Index for January dropped to negative 0.32 from a revised positive 0.25 reading in December, while the three-month moving average (CFNAI-MA3) rose to positive 0.30 from a revised positive 0.23 in December, the Federal Reserve Bank of Chicago reported Monday.

In January 2012, the index was positive 0.42, while the CFNAI-MA3 was positive 0.28 in that month.

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