In January, the Chicago Fed National Activity Index (CFNAI) moved above zero for the first time since last July. The monthly index came in at +0.38, a substantial improvement from a revised –0.62 in December, and the highest monthly reading since April 2000. Relatively strong production-related data made the largest positive contribution to the January index; a turnaround in the employment-related data also contributed significantly to the improvement from December. Due to weakness in prior months, the three-month moving average index, CFNAI-MA3, remained negative in January. However, at –0.19 the CFNAI-MA3 was up substantially from the revised December reading of –0.59.