Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.52 in December from +0.31 in November. Three of the four broad categories of indicators used to construct the index made positive contributions in December, but three categories decreased from November. The index’s three-month moving average, CFNAI-MA3, ticked up to +0.61 in December from +0.59 in November.