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Chicago Fed National Activity Index, February 2023
Index Suggests Economic Growth Picked Up in January

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.23 in January from –0.46 in December. Three of the four broad categories of indicators used to construct the index made positive contributions in January, and three categories improved from December. The index’s three-month moving average, CFNAI-MA3, moved up to –0.26 in January from –0.34 in December.

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