• Index suggests a pickup in economic growth.

• Component performance remains mixed.

The Federal Reserve Bank of Chicago's National Activity Index rebounded to 0.83 during October after easing to 0.32 in September, revised from 0.27.

The three-month moving average, which smoothes out the m/m volatility in the index, fell to 0.75 in October from 1.37 in September. It was the lowest level since June. During the last 15 years, there has been a 77% correlation between the Chicago Fed Index and quarterly growth in real GDP.

The Production & Income measure rose to 0.36 and reversed September's decline to -0.10. The Sales, Orders & Inventories series rose to the highest level in three months. The Employment, Unemployment & Hours recaptured a piece of September's sharp decline. The Personal Consumption & Housing series weakened substantially, just into negative territory. The diffusion index, which measures the breadth of movement in the components, eased to 0.51 from 0.55. Sixty-one of the 85 components contributed positively to the index overall.

The CFNAI is a weighted average of 85 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 rate over time, a positive index reading corresponds to growth above trend and a negative index reading corresponds to growth below trend.

These figures are available in Haver's SURVEYS database.