Economy
Chicago Fed National Activity Meets Expectations, but Disappoints
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The Chicago Fed National Activity Index (CFNAI) is out for the month of March, and this is often used as one of the first super-regional economic readings. It is used to track economic activity and inflation metrics, and it is a weighted average of some 85 existing monthly indicators based on data from around the nation, rather than just in the Midwest.
Source: Jon Ogg
Monday morning’s report put the CFNAI at 0.20, right in-line with the Bloomberg consensus reading. The number looks higher than the preliminary report for February of 0.14, but the February reading was actually revised higher to 0.53.
A zero value for the CFNAI indicates that the national economy is expanding at its historical trend rate of growth, while negative values indicate below-average growth and positive values indicate above-average growth. Though this is a national index, it is not one of the more widely followed economic reports.
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