Chicago Fed Economic Activity Index Unexpectedly Plunges as Production and Consumption Weaken
U.S. economic growth declined by far more than expected in December, according to an index published Monday by the Federal Reserve Bank of Chicago.
The Chicago Fed National Activity Index plunged to a reading of negative 0.15 in December from 0.44 in November and 0.75 in October.
Economists had forecast the December reading to fall to a positive 0.25, according to Econoday.
The index is compiled each month by the Chicago Fed using 85 indicators of national economic activity. It is constructed to have an average value of zero. A positive index reading indicates growth above trend and a negative reading indicates growth below trend. – READ MORE
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