U.S. Economy Lost Pace in February -- Chicago Fed
23 Março 2023 - 09:59AM
Dow Jones News
By Xavier Fontdegloria
The U.S. economy grew in February at a pace below its historical
average, dragged by sluggish manufacturing production and
consumption, according to data from the Federal Reserve Bank of
Chicago published Thursday.
The Chicago Fed National Activity Index declined to minus 0.19
in February from 0.23 in January. Any reading below zero suggests
U.S. economic activity grew below its average historical trend over
The CFNAI index, designed to gauge overall economic activity and
inflationary pressures, is composed of 85 economic indicators from
four broad categories of data: production and income; employment,
unemployment and hours; personal consumption and housing; and
sales, orders and inventories.
All four broad categories of indicators used to construct the
index made negative contributions in February, the report said.
Production-related indicators contributed minus 0.08 to the
index in February, down from 0.15 a month earlier, as manufacturing
output grew only marginally.
The personal consumption and housing category also contributed
by minus 0.08 to the index, swinging from 0.10 in January.
Employment-related indicators contributed by minus 0.02 from
0.10 the previous month as job creation slowed and the unemployment
rate edged up.
The contribution of the sales, orders, and inventories category
edged up to minus 0.02 from minus 0.12 but was still negative, the
The CFNAI diffusion index rose to 0.02 in February from minus
0.07 in January. The index's three-month moving average, the
CFNAI-MA3, increased to minus 0.13 from minus 0.27.
The indicators suggest that the U.S. economy expanded in the
quarter to February as they are above the minus 0.35 and minus 0.70
values that, respectively, have historically been associated with
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
March 23, 2023 08:44 ET (12:44 GMT)
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