Chicago Fed Index Increases for 7th Straight Month
The three-month moving average, Chicago Fed National Activity Index-MA3 , improved for the seventh consecutive month (see charts above). At –1.09 in August (up from –1.61 in the previous month), the CFNAI-MA3 suggests that growth in national economic activity was below its historical trend.The production-related indicators made a smaller positive contribution of +0.29 to the index in August compared with +0.45 in July. Industrial production increased 0.8% in August, down slightly from 1.0 percent in the previous month; and manufacturing production increased 0.6 percent in August after rising 1.4 percent in July. July and August marked the first consecutive increases in industrial production since November and December 2007.
MP: The Chicago Fed National Activity Index (CFNAI-MA3) has increased in each of the last seven months (February to August), the first period of seven consecutive monthly increases since the December 2001 to June 2002 period following the 2001 recession, see bottom chart above.