The Chicago Fed National Activity Index (CFNAI) fell to -0.43 in January from +0.05 in December, indicating a slowdown of U.S. economy, the Chicago Federal Reserve Bank announced on Monday.
The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: production and income; employment; personal consumption and housing; and sales, orders and inventories.
Three of the four broad categories of indicators that make up the index increased from December, and two of the four categories made negative contributions to the index in January.
The contribution from production-related indicators to the CFNAI decreased to -0.45 in January from +0.08 in December.
Industrial production fell by 0.6 percent in January after edging up 0.1 per cent in December. The sales, orders, and inventories category made a contribution of +0.02 to the CFNAI in January, up slightly from a neutral contribution in December.
The Institute for Supply Management's Manufacturing New Orders Index increased to 58.2 in January from 51.3 in December.
Employment-related indicators contributed +0.05 to the CFNAI in January, up slightly from +0.02 in December. Total nonfarm pay rolls rose by 304,000 in January after increasing by 222,000 in the previous month.
However, the unemployment rate increased to 4.0 percent in January from 3.9 percent in December. The contribution of the personal consumption and housing category to the CFNAI edged up to -0.04 in January from -0.06 in December.
The index is a weighted average of 85 indicators of growth in national economic activity drawn from four broad categories of data: production and income; employment; personal consumption and housing; and sales, orders and inventories.
Three of the four broad categories of indicators that make up the index increased from December, and two of the four categories made negative contributions to the index in January.
The contribution from production-related indicators to the CFNAI decreased to -0.45 in January from +0.08 in December.
Industrial production fell by 0.6 percent in January after edging up 0.1 per cent in December. The sales, orders, and inventories category made a contribution of +0.02 to the CFNAI in January, up slightly from a neutral contribution in December.
The Institute for Supply Management's Manufacturing New Orders Index increased to 58.2 in January from 51.3 in December.
Employment-related indicators contributed +0.05 to the CFNAI in January, up slightly from +0.02 in December. Total nonfarm pay rolls rose by 304,000 in January after increasing by 222,000 in the previous month.
However, the unemployment rate increased to 4.0 percent in January from 3.9 percent in December. The contribution of the personal consumption and housing category to the CFNAI edged up to -0.04 in January from -0.06 in December.
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