2017 Economic Calendar
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Chicago Fed National Activity Index  
Released On 12/21/2017 8:30:00 AM For Nov, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Level0.65 0.76 0.20 0.05  to 0.40 0.15 
3 Month Moving Average0.28 0.31 0.41 

Highlights
November was once again a strong month for the national activity index, at 0.15 vs an outsized and upwardly revised gain of 0.76 in October. The difference between the two months is manufacturing production, which surged in a hurricane-effect for October than slowed to only modest growth in November. Indications in fact are solid with employment adding 0.11 to the index in both months and with sales, orders, and inventories adding 0.05 and 0.04 in November and October respectively. The consumer and housing component subtracted slightly more in November, at minus 0.06 reflecting however a decline in building permits that has since reversed. The economy is definitely solid based on this index which, after a very soft year, began to show real life in September.

Consensus Outlook
Upward reversals from hurricane effects gave a big lift to October's national activity index which jumped nearly 1/2 point to 0.65 for a new expansion high. For November, retail sales were strong but industrial production was soft. Econoday's consensus for November is plus 0.20.

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
 
 

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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