The Chicago Federal Reserve reported on Monday the Chicago
Fed national activity index (CFNAI), a weighted average of 85 different economic
indicators, came in at -0.40 in October, compared to an upwardly revised -0.27 (from -0.28) in September,
pointing to a decrease in economic growth in the previous month. This was the lowest reading since January (-0.81).
Economists
had forecast the index to rise to -0.20 in October.
Meanwhile, the
index’s three-month moving average fell to -0.24 in October from -0.21 in September.
According to
the report, three of four broad
categories of indicators of the CFNAI dropped from September and all four made negative contributions.
The
production-related indicators contributed -0.25 to the headline indicator in October,
down from -0.23 in September. At the same time, the employment-related
indicators contributed -0.12 to the CFNAI, down from -0.01 in the previous
month. The sales, orders, and inventories category contributed -0.02, up from
-0.04 in September. The personal consumption and housing category contributed -0.01,
down from +0.02 in September.