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Chicago Fed National Activity Index, January 2002
Economic Improvement Continues in January
The Chicago Fed National Activity Index (CFNAI) increased again in January, with the index rising to –0.51 from a downward revised value of –0.82 in December. The index has improved substantially since November, and the January index represents the highest monthly reading since July 2001. The three-month moving average index, CFNAI-MA3, also continued to improve in January, rising to –0.86 from December’s revised value of –1.03. The January CFNAI-MA3 was also at its highest level since July 2001. January, however, still marked the nineteenth consecutive month that the CFNAI-MA3 was below zero, an indication of how long the national economy has been growing below trend. Index values below zero signal reduced inflationary pressures over the coming year.


Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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