Led by slower growth in production-related indicators, the Chicago Fed National Activity Index (CFNAI) decreased to +0.37 in November from +0.75 in October. Three of the four broad categories of indicators used to construct the index made positive contributions in November, but all four categories deteriorated from October. The index’s three-month moving average, CFNAI-MA3, moved up to +0.37 in November from +0.25 in October.