Current Data
The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. The CFNAI is released at 8:30 a.m. ET on scheduled days, normally toward the end of each calendar month.
Index Suggests Economic Growth Decreased in January
We have discontinued producing the PDF release of the Chicago Fed National Activity Index (CFNAI) as of February 2024.
The Chicago Fed National Activity Index (CFNAI) decreased to –0.30 in January from +0.02 in December. Three of the four broad categories of indicators used to construct the index decreased from December, and three categories made negative contributions in January. The index's three-month moving average, CFNAI-MA3, increased to –0.02 in January from –0.14 in December.
The CFNAI Diffusion Index, which is also a three-month moving average, increased to +0.03 in January from –0.09 in December. Twenty-six of the 85 individual indicators made positive contributions to the CFNAI in January, while 59 made negative contributions. Thirty-one indicators improved from December to January, while 53 indicators deteriorated and one was unchanged. Of the indicators that improved, 14 made negative contributions.
- Production-related indicators contributed –0.16 to the CFNAI in January, down from –0.08 in December.
- The sales, orders, and inventories category's contribution to the CFNAI was –0.04 in January, down from +0.05 in December.
- Employment-related indicators made a neutral contribution to the CFNAI in January, unchanged from December.
- The personal consumption and housing category's contribution to the CFNAI was –0.10 in January, down from +0.05 in December.
CFNAI, CFNAI-MA3, and CFNAI Diffusion for the Latest Six Months and Year-Ago Month
Jan '24 | Dec '23 | Nov '23 | Oct '23 | Sep '23 | Aug '23 | Jan '23 | |
---|---|---|---|---|---|---|---|
CFNAI | |||||||
Current | -0.30 | 0.02 | 0.21 | –0.65 | –0.03 | –0.25 | 0.42 |
Previous | N/A | –0.15 | 0.01 | –0.68 | –0.03 | –0.21 | 0.39 |
CFNAI-MA3 | |||||||
Current | –0.02 | –0.14 | –0.16 | –0.31 | –0.04 | –0.16 | –0.21 |
Previous | N/A | –0.28 | –0.24 | –0.31 | –0.02 | –0.16 | –0.20 |
CFNAI Diffusion | |||||||
Current | 0.03 | –0.09 | –0.13 | –0.37 | –0.03 | –0.14 | –0.11 |
Previous | N/A | –0.32 | –0.28 | –0.41 | –0.05 | –0.14 | –0.07 |
NA indicates not applicable.
Download Center
CFNAI Indexes | Data file | XLSX |
Indicators List | Indicators used to construct the CFNAI | |
Technical Report | Report describing changes to the CFNAI as of January 2023 | |
Background Slides | A brief introduction to the CFNAI | |
Background Information | Detailed background on the CFNAI |
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