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Chicago Fed National Activity Index, March 2005
CFNAI Shows Continued Solid Economic Growth in February
The Chicago Fed National Activity Index was +0.37 in February, up from +0.13 in January. All four broad categories of indicators that make up the index made positive contributions last month. The three-month moving average, CFNAI-MA3, increased to +0.43 in February from +0.34 in January. CFNAI-MA3 readings above zero are associated with above-trend economic growth; accordingly, the CFNAI-MA3 value of +0.43 suggests that growth in national economic activity was above its historical trend for the eighteenth straight month. With regard to inflation, CFNAI-MA3 values above zero suggest increased inflationary pressures over the coming year.