The Chicago Federal Reserve announced
on Monday the Chicago Fed national activity index (CFNAI), a weighted average
of 85 different economic indicators, fell to -0.15 in December from an upwardly
revised +0.44 in November (from +0.37), pointing to a contraction in economic
activity in the previous month. That represented the lowest figure since September
(-0.18).
At the same time, the index’s three-month moving average decreased to +0.33
in December from +0.44 in the previous month.
According to the report, two of the four broad categories of indicators
used to construct the CFNAI made negative contributions in December, and all four
categories declined from the previous month. Production-related indicators
contributed -0.13 to the headline indicator in December, down from +0.25 in November.
In addition, the negative contribution of the personal consumption and housing
category to the CFNAI worsened to -0.19 in December from -0.02 in the month
before. Meanwhile, employment-related indicators made a contribution of +0.13
to the CFNAI last month, down from +0.16 in November. Elsewhere, the
contribution of the sales, orders and inventories category to the CFNAI deteriorated
to +0.03 in December from +0.05 in the previous month.