• Print
  • Email

Chicago Fed National Activity Index, October 2003
CFNAI Indicates Economy Improved in September
The Chicago Fed National Activity Index (CFNAI) was +0.20 in September, a sharp rebound from the downward revised August reading of –0.40. The positive value for the index in September reflected renewed strength in the output-related data, a marked improvement in the employment-related data, and continued robust housing-related data compared to August; the contributions of other components of the CFNAI netted to a small positive value. The three-month moving average index, CFNAI-MA3, improved as well, from a revised –0.08 in August to +0.05 in September. This was the first positive reading for the CFNAI-MA3 since June 2000. CFNAI-MA3 values above zero are associated with above-trend economic growth; accordingly, the CFNAI-MA3 value of +0.05 suggests that growth in national economic activity in September was slightly above its historical trend. With regard to inflation, CFNAI-MA3 values above zero signal increased inflationary pressures over the coming year. The small positive value of the CFNAI-MA3 indicates these inflationary pressures are slight.
Having trouble accessing something on this page? Please send us an email and we will get back to you as quickly as we can.

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

Copyright © 2020. All rights reserved.

Please review our Privacy Policy | Legal Notices