The Chicago Federal Reserve said its National Activity Index fell in January with a decline in production-related indicators.
The headline index, a pro-rated compilation of 85 component indexes, fell from minus 0.03 in December to minus 0.39 in January. The three-month rolling average for the index known as the CFNAI or Chicago Fed National Activity Index, fell from 0.26 in December to 0.1 in January, the Fed reported.
Although down to a sliver above zero, it was still the fifth consecutive month with the rolling average remaining positive.
Two of the four broad categories that make up the headline index dropped from December, while two increased, the Fed said.
Production had a negative impact, contributing minus 0.36 to the CFNAI.
Under production, employment was slightly positive, adding 0.13 to the CFNAI, up from 0.06 in December.
Consumer spending and housing remained negative, contributing minus 0.18 to the headline index after a minus 0.14 contribution in December.
Overall, 41 of the 45 individual contributors to the headline index were positive, while 44 were negative. Similarly, 41 indicators improved from December to January, while 44 deteriorated, the Fed said.
Original headline: National business index slips
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