Chicago Fed National Activity Index drops to 0.27 in November

The Chicago Federal Reserve announced on Monday the Chicago Fed national activity index (CFNAI), a weighted average of 85 different economic indicators, came in at 0.27 in November, down from an upwardly revised 1.01 in October (originally 0.83), pointing to slower growth in economic activity than in the previous month. That was the lowest reading since the sharp decline in April.

At the same time, the index’s three-month moving average fell to +0.56 in November from +0.85 in October.

According to the report, three of the four broad categories of indicators used to construct the index made positive contributions in November, but all four categories declined from October.

Production-related indicators made a positive contribution of +0.14 to the CFNAI in November, down from +0.36 in October. Employment-related indicators contributed +0.15 to the CFNAI in November, down from +0.45 in the previous month. The contribution of the sales, orders, and inventories category to the CFNAI reduced to +0.07 in November from +0.17 in October. Meanwhile, the contribution of the personal consumption and housing category to the CFNAI worsened to -0.09 in November from +0.02 in October.