by Bill McBride on 3/26/2012 08:57:00 AM
Monday, March 26, 2012
The Chicago Fed released the national activity index (a composite index of other indicators): Index shows economic growth near average in February
Led by weaker production-related indicators, the Chicago Fed National Activity Index decreased to –0.09 in February from +0.33 in January. ...This graph shows the Chicago Fed National Activity Index (three month moving average) since 1967.
The index’s three-month moving average, CFNAI-MA3, increased from +0.22 in January to +0.30 in February—its highest level since May 2010. February’s CFNAI-MA3 suggests that growth in national economic activity was above its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the coming year.
Click on graph for larger image.
This suggests growth near trend in February - still not strong growth.
According to the Chicago Fed:
A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.
Posted by Bill McBride on 3/26/2012 08:57:00 AM