Posted on 01/29/2004 7:22:45 AM PST by Starwind
Chicago Fed national activity index slows in Dec Thursday January 29, 9:58 am ET
NEW YORK, Jan 29 (Reuters) - The Federal Reserve Bank of Chicago said on Thursday its National Activity Index fell in December as employment and manufacturing slowed, although the index still points to above-trend growth.
The index fell to +0.13 in December from an upwardly revised +0.68 in November.
"Most of the December decrease can be attributed to a smaller contribution from output-related measures that month relative to November," including industrial production and manufacturing, the Chicago Fed said.
"Only the employment-related category made a negative contribution," because of the sharp slowdown in December payrolls to an increase of just 1,000 jobs.
The three-month moving average of the index also decreased, to +0.35 in December from a revised +0.46 reading in November. Any reading above zero indicates economic growth is above trend.
Following are details of the Chicago Fed index:
Monthly index:
Dec Nov Oct Dec02
+0.13 +0.68 +0.25 -0.63
Three-month moving average:
Dec Nov Oct Dec02
+0.35 +0.46 +0.09 -0.92
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