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 Increased in March
The Chicago Fed National Activity Index (CFNAI) increased to +0.15 in March from +0.09 in February. Two of the four broad categories of indicators used to construct the index increased from February, and two categories made positive contributions in March. The index's three-month moving average, CFNAI-MA3, increased to –0.19 in March from –0.28 in February.
The CFNAI Diffusion Index, which is also a three-month moving average, increased to –0.06 in March from –0.16 in February. Fifty of the 85 individual indicators made positive contributions to the CFNAI in March, while 35 made negative contributions. Fifty indicators improved from February to March, while 35 indicators deteriorated. Of the indicators that improved, 16 made negative contributions.
- Production-related indicators contributed +0.11 to the CFNAI in March, down from +0.13 in February.
- The sales, orders, and inventories category made a neutral contribution to the CFNAI in March, up from –0.05 in February.
- Employment-related indicators contributed +0.04 to the CFNAI in March, up from –0.01 in February.
- The personal consumption and housing category's contribution to the CFNAI was –0.01 in March, down from +0.02 in February.
CFNAI, CFNAI-MA3, and CFNAI Diffusion for the Latest Six Months and Year-Ago Month
Mar '24 | Feb '24 | Jan '24 | Dec '23 | Nov '23 | Oct '23 | Mar '23 | |
---|---|---|---|---|---|---|---|
CFNAI | |||||||
Current | 0.15 | 0.09 | –0.81 | –0.12 | 0.22 | –0.61 | –0.53 |
Previous | N/A | 0.05 | –0.54 | –0.05 | 0.25 | –0.61 | –0.53 |
CFNAI-MA3 | |||||||
Current | –0.19 | –0.28 | –0.24 | –0.17 | –0.13 | –0.29 | –0.13 |
Previous | N/A | –0.18 | –0.11 | –0.14 | –0.12 | –0.29 | –0.13 |
CFNAI Diffusion | |||||||
Current | –0.06 | –0.16 | –0.10 | –0.14 | –0.08 | –0.32 | –0.14 |
Previous | N/A | –0.09 | –0.04 | –0.13 | –0.08 | –0.33 | –0.14 |
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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