2017 Economic Calendar
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Chicago Fed National Activity Index  
Released On 2/23/2017 8:30:00 AM For Jan, 2017
PriorPrior RevisedActual
Level0.14 0.18 -0.05 
3 Month Moving Average-0.07 -0.02 -0.03 

The employment report for January looked strong as did retail sales, but the great bulk of economic indicators is still running slightly below historical trend. The national activity index came in at minus 0.05 in January with the 3-month average telling the same story, at minus 0.03.

Production is the weak link, coming in at minus 0.07 for January and getting very little lift from the manufacturing component. The personal consumption & housing component is also no help, pulled down by building permits for a minus 0.05 reading that offset retail sales gains. Employment is positive but at only plus 0.06 with the gain pulled down by January's 1 tick rise in the unemployment rate to 4.8 percent.

This index is a reminder that even an apparently strong month this cycle, like January, looks soft when compared against historical averages.

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

2017 Release Schedule
Released On: 1/262/233/204/245/226/267/278/219/2510/2311/2112/21
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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