U.S. Economy Picked Up Pace in November -- Chicago Fed
27 December 2023 - 12:59AM
Dow Jones News
By Emon Reiser
U.S. economic growth picked up pace in November as production
improved, data from the Federal Reserve Bank of Chicago showed
Tuesday.
The Chicago Fed National Activity Index rose to 0.03 in
November, improving from a revised minus 0.66 in October, with the
majority of indicators marking improvement. The reading below zero
suggests economic activity is expanding at a slightly slower rate
than its average historical trend.
The CFNAI index, designed to gauge overall economic activity and
inflationary pressures, is composed of 85 economic indicators from
four broad categories of data: production and income; employment,
unemployment and hours; personal consumption and housing; and
sales, orders and inventories.
Of the four, industrial production increased 0.2 percent in
November after decreasing 0.9 percent in October. The contribution
of the sales, orders and inventories category also moved up to
minus 0.03 from minus 0.11 in the previous month.
The CFNAI diffusion index - which captures how much the change
in the monthly index is spread among the 85 indicators over three
months - increased to minus 0.21 in November from minus 0.35 last
month. The index's headline three-month moving average also moved
up to minus 0.20 from minus 0.26 in October.
Treasury Secretary Janet Yellen previously told the Wall Street
Journal that the U.S. economy is on the path toward taming
inflation without a deep economic slowdown, achieving a so-called
soft-landing.
Write to Emon Reiser at emon.reiser@wsj.com; @emonreiser
(END) Dow Jones Newswires
December 26, 2023 08:44 ET (13:44 GMT)
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