Chicago Fed National Activity Index Edges Down in March
The Chicago Fed National Activity Index was -2.96 in March, down slightly from -2.82 in February. All four broad categories of indicators continued to make negative contributions to the index in March.
The three-month moving average, CFNAI-MA3, increased to -3.27 in March from -3.57 in the previous month. March's CFNAI-MA3 suggests that growth in national economic activity was well below its historical trend. With regard to inflation, it indicates little inflationary pressure from economic activity over the coming year.
Employment-related indicators made a large negative contribution of -1.27 to the index in March after contributing -1.29 in the previous month. Total nonfarm payroll employment declined 663,000 in March, after decreasing 651,000 in February; ...
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