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Thursday, October 29, 2020
HomeNewsEconomyChicago Fed National Activity Index (CFNAI) Still ‘Above-Average Growth’ in August

Chicago Fed National Activity Index (CFNAI) Still ‘Above-Average Growth’ in August

U.S. economy on an American flag background waving in the wind, in 3D rendering. (Photo: AdobeStock)

CFNAI Revised Higher for July, Both Headline and 3-Month Average

U.S. economy on an American flag background waving in the wind, in 3D rendering. (Photo: AdobeStock)
U.S. economy on an American flag background waving in the wind, in 3D rendering. (Photo: AdobeStock)

The Chicago Fed National Activity Index (CFNAI) indicated slower, “but still above-average growth” in August, while economic growth in July was revised significantly higher. The CFNAI came in +0.79 in August after an initially reported +1.18 in July, which was revised higher to +2.54.

Forecasts ranged from a low of 1.18 to a high of 1.95. The consensus forecast was 1.88. Two of the four broad categories of indicators made positive contributions in August, but all four fell from an upwardly revised July.

The CFNAI-MA3 — the three-month moving average for the index — moved down to +3.05 in August, from +4.23 in July. The CFNAI Diffusion Index, which is also a three-month moving average, fell to +0.62 in August from +0.73 in July.

Forty-five of the 85 individual indicators made positive contributions to the CFNAI in August, while 40 made negative contributions. Twenty-nine (29) indicators improved from July to August, while 56 indicators deteriorated. Of the indicators that improved, 11 made negative contributions.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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