According to the report from Federal Reserve Bank of Chicago, led by declines in indicators related to production and personal consumption and housing, the Chicago Fed National Activity Index (CFNAI) fell to –1.09 in February from +0.75 in January. Two of the four broad categories of indicators used to construct the index made negative contributions in February, but all four categories decreased from January. The index’s three-month moving average, CFNAI-MA3, decreased to –0.02 in February from +0.46 in January.

The CFNAI Diffusion Index, which is also a three-month moving average, moved down to +0.17 in February from +0.34 in January. Thirty-four of the 85 individual indicators made positive contributions to the CFNAI in February, while 51 made negative contributions. Thirty indicators improved from January to February, while 55 indicators deteriorated. Of the indicators that improved, eight made negative contributions.