Chicago Fed national activity index for December 2020
- Chicago Fed national activity index for December -0.35 versus +0.13 estimate
- prior month was revised lower to +0.41 from +0.56
- the 3 month average moved down to -0.27 from -0.25 November
- 25 of the 85 individual indicators made positive contributions
- 60 of the 85 made negative contributions
- 27 indicators improved from November to December
- 56 indicators deteriorated from December
- 2 were unchanged from December
- production related indicators contribute -0.26 in December. That was down from +0.4 in November
- employment related indicators contributed -0.06 in December down from +0.04 in November. Recall nonfarm payroll showed a gain of 145K in December versus 256K in November
- the full report from the Chicago Fed can be viewed here
The Chicago Fed national activity index is calculated by using data available as of January 7, 2020. At that time 49 of 85 indicators have been published. Estimates are used for the missing data in constructing the index. As a result there can be some revisions (as evident from the decline from last month). The October index was revised to -0.74 from -0.76 last month.
