The Chicago Fed’s national activity index, which is designed to gauge overall U.S. economic activity, fell to 0.27 in September from a revised 1.11 in the prior month. The index’s three-month moving average, which tries to smooth out volatility, moved down to 1.33 from 3.22 in August.
A zero value of the index indicates the national economy is expanding at its historic trend rate of growth.
The August reading was revised from an initial reading of 0.79.
The Chicago Fed index is a weighted average of 85 economic indicators. Fifty of the indicators made positive contributions.
Production-related indicators subtracted 0.24 to the index in September. The contribution of sales, orders and inventories added 0.07, down from 0.10 in August.
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