The Chicago Federal Reserve announced on Monday the Chicago Fed national activity index (CFNAI), a weighted average of 85 different economic indicators, came in at 0.52 in December, up from an upwardly revised 0.31 in November (originally 0.27), pointing to faster growth in economic activity than in the previous month. 

At the same time, the index’s three-month moving average increased to +0.61 in December from +0.59 in November.

According to the report, three of the four broad categories of indicators used to construct the index made positive contributions in December, but three categories declined from November.

Production-related indicators made a contribution of +0.44 to the CFNAI in December, up from +0.13 in November. Meanwhile, employment-related indicators contributed +0.13 to the CFNAI in December, down from +0.15 in the previous month. The contribution of the sales, orders, and inventories category to the CFNAI reduced to +0.05 in December from +0.09 in November. The contribution of the personal consumption and housing category to the CFNAI worsened to -0.09 in December from -0.06 in November.