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...
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Production and Income -0.06
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Employment -0.06
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Personal Consumption +0.01
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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