Against expectations of a small rise from 0.03 to 0.06, The Chicago Fed's National Activity Index (which draws on 85 economic indicators) tumbled to -0.15 in December. 2023 ends with 8 of the 12 months in negative territory...
Source: Bloomberg
Under the hood, 48 of the 85 inputs made a negative contribution with all major subcategories weaker MoM and only personal consumption barely above zero...
Production and Income -0.06
Employment -0.06
Personal Consumption +0.01
Sales & Orders -0.04
CFNAI's Diffusion Index remains significantly weak...
This indicates below-trend-growth in the national economy and a sign of easing pressures on future inflation
