Global| Apr 20 2009Chicago Fed Index Remained Negative In March
by:Tom Moeller
|in:Economy in Brief
Summary
The March National Activity Index (CFNAI) from the Chicago Federal Reserve Bank remained negative last month. At -2.96 the figure was roughly stable with February but both figures were up marginally from the low reading of -4.03 [...]
The three-month moving average of the index ticked up slightly to -3.27 but remained near its lowest since January of 1975.
An index level at or below -0.70 typically has indicated negative U.S. economic growth. A zero value of the CFNAI indicates that the economy is expanding at its historical trend rate of growth of roughly 3%.
The complete CFNAI report is available here and the historical data are available in Haver's SURVEYS database.
The employment, production and income components made large negative contributions to the March index. Thirteen of the index's component sectors had a negative influence while 72 had a negative influence.
The CFNAI is a weighted average of 85 indicators of economic activity. The indicators reflect activity in the following categories: production & income, the labor market, personal consumption & housing, manufacturing & trade sales, and inventories & orders.
In a separate survey, the Chicago Fed indicated that its Midwest manufacturing index fell during February to its lowest level since 1994. Indicators for the steel and machinery sectors each fell but the measure for the auto sector rose while the resource sector was unchanged.
The Chicago Federal Reserve figures are available in Haver's SURVEYS database.
| Chicago Fed | March | February | March '08 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| CFNAI | -2.96 | -2.82 | -1.14 | -1.79 | -0.37 | 0.03 |
| 3-Month Average | -3.27 | -3.57 | -3.69 | -- | -- | -- |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
More Economy in Brief
