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Chicago Fed National Activity Index, March 2023
Index Suggests Economic Growth Declined in February

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.19 in February from +0.23 in January. All four broad categories of indicators used to construct the index made negative contributions in February, and three categories deteriorated from January. The index’s three-month moving average, CFNAI-MA3, increased to –0.13 in February from –0.27 in January.

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