The Chicago Fed National Activity Index for January fell to negative 0.39 from a revised negative 0.03 reading in December, while the three-month moving average (CFNAI-MA3) declined to 0.10 from a revised 0.26 in December, the Federal Reserve Bank of Chicago reported Monday.
In January 2013, the index was negative 0.49, while the CFNAI-MA3 was 0.12 in that month.
The December index was originally reported as 0.16, while the CFNAI-MA3 was first reported as 0.33.
The positive reading for the CFNAI-MA3 indicates national economic growth was above its historical trend, and suggests limited inflationary pressure from economic activity in the coming year, the Chicago Fed said.
The CFNAI diffusion index slid to 0.11 from a revised 0.28 the month before, first reported as 0.38.
The production indicators took 0.36 from the CFNAI in the month (compared to a contribution of 0.06 in the previous month), while employment-related indicators contributed 0.13 in the month, after a 0.06 contribution in December, the Fed said.
Consumption and housing-related data subtracted 0.18 in the month, after subtracting 0.14 the prior month, while sales, orders and inventories added 0.02 in the month, after subtracting 0.01 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 index was constructed using data available by February 20, with data for 51 of the 85 indicators having been published by then. The Fed said it used estimates for the missing data.
Overall, 41 of the 85 indicators made positive contributions to the index in the month and 44 made negative contributions. While 41 indicators were better than the previous month, 10 of these still made negative contributions to the index. Also, 44 deteriorated from December to January.
