Current Data
The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. The CFNAI is released at 8:30 a.m. ET on scheduled days, normally toward the end of each calendar month.
Index Suggests Economic Growth Increased in February
The Chicago Fed National Activity Index (CFNAI) increased to +0.05 in February from –0.54 in January. All four broad categories of indicators used to construct the index increased from January, and three categories made positive contributions in February. The index's three-month moving average, CFNAI-MA3, decreased to –0.18 in February from –0.11 in January.
The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.09 in February from –0.04 in January. Forty-six of the 85 individual indicators made positive contributions to the CFNAI in February, while 39 made negative contributions. Fifty-four indicators improved from January to February, while 30 indicators deteriorated and one was unchanged. Of the indicators that improved, 17 made negative contributions.
- Production-related indicators contributed +0.02 to the CFNAI in February, up from –0.32 in January.
- The sales, orders, and inventories category's contribution to the CFNAI was +0.02 in February, up from –0.12 in January.
- Employment-related indicators contributed +0.01 to the CFNAI in February, up from –0.02 in January.
- The personal consumption and housing category made a neutral contribution to the CFNAI in February, up from –0.08 in January.
CFNAI, CFNAI-MA3, and CFNAI Diffusion for the Latest Six Months and Year-Ago Month
Feb '24 | Jan '24 | Dec '23 | Nov '23 | Oct '23 | Sep '23 | Feb '23 | |
---|---|---|---|---|---|---|---|
CFNAI | |||||||
Current | 0.05 | –0.54 | –0.05 | 0.25 | –0.61 | 0.00 | –0.28 |
Previous | N/A | –0.30 | 0.02 | –0.21 | –0.65 | –0.03 | –0.28 |
CFNAI-MA3 | |||||||
Current | –0.18 | –0.11 | –0.14 | –0.12 | –0.29 | –0.03 | –0.12 |
Previous | N/A | –0.02 | –0.14 | –0.16 | –0.31 | –0.04 | –0.12 |
CFNAI Diffusion | |||||||
Current | –0.09 | –0.04 | –0.13 | –0.08 | –0.33 | 0.01 | –0.03 |
Previous | N/A | 0.03 | –0.09 | –0.13 | –0.37 | –0.03 | –0.03 |
Download Center
CFNAI Indexes | Data file | XLSX |
Indicators List | Indicators used to construct the CFNAI | |
Technical Report | Report describing changes to the CFNAI as of January 2023 | |
Background Slides | A brief introduction to the CFNAI | |
Background Information | Detailed background on the CFNAI |
Thank you!
Thank you for your comments.