The Chicago Fed national activity index for November widened to negative 2.47 from a revised negative 1.27 reading in October that was originally reported as negative 1.06.
Meanwhile, the three-month moving average, or CFNAI-MA3, slipped to negative 2.49 in November from October’s revised negative 2.40 reading, initially reported as negative 2.09, the Federal Reserve Bank of Chicago reported yesterday.
In November 2007, the index was negative 0.44 and the CFNAI-MA3 was negative 0.49.
Production-related indicators contributed negative 0.76 to the index compared to a contribution of positive 0.21 in the previous month, while employment-related indicators contributed negative 1.03 after providing a negative 0.82 in October, the Fed said.
Consumption and housing-related data contributed negative 0.46 in the month after contributing negative 0.50 the previous month, while sales, orders, and inventories contributed negative 0.22 after a negative 0.16 contribution in October.
Overall, 18 of the 85 indicators made positive contributions to the index and 67 made negative contributions. While 28 indicators were better than the previous month, 12 of them still made negative contributions to the index. In addition, 57 indicators deteriorated from October to November.
The index was constructed using data available by Dec. 18, with data for 52 of the 85 indicators having been published by then. The Fed said it used estimates for the missing data.