2013 Economic Calendar
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Chicago Fed National Activity Index  
Released On 1/22/2013 8:30:00 AM For Dec, 2012
PriorPrior RevisedConsensusConsensus RangeActual
Level0.10 0.27 0.28 0.10  to 0.50 0.02 
3 Month Moving Average-0.20 -0.13 -0.11 

Highlights
Economic growth stalled in December according to the Chicago Fed's national activity index which shows a plus 0.02 reading for the month vs a revised plus 0.27 in November. Though barely on the positive side, December's reading does indicate that overall economic growth was, however slightly, above historical trend in the month.

The three-month average, however, is telling a different story, at minus 0.11 vs November's revised minus 0.13. December is the 10th straight sub-zero reading for the average which points to sub-trend economic growth.

The slowing in December was due mostly to a lower but still positive contribution from production-related components. The negative pull from consumption & housing increased slightly. On the plus side, employment components added to December's total while the drag from sales/orders/inventories eased.

Consensus Outlook
The Chicago Fed National Activity Index in November moved into the plus column to 0.10 from a revised minus 0.64 in October. But November got its bounce from a special event: the industrial sector's snapback from Hurricane Sandy's landfall in October. Components for employment as well as components for sales/orders/inventories moved from the positive side to the negative side in November. The negative pull from consumption and housing components eased.

Definition
The Chicago Fed National Activity Index (CFNAI) is a monthly index that tracks overall economic activity and inflationary pressures. The CFNAI is a weighted average of 85 existing monthly indicators of national economic activity. It is constructed to have an average value of zero and a standard deviation of one. Since economic activity tends toward trend growth over time, a positive index reading corresponds to growth above trend and a negative index reading corresponds to growth below trend.  Why Investors Care
 
 

2013 Release Schedule
Released On: 1/222/253/254/225/206/247/228/209/2311/1211/2712/23
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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