The Federal Reserve Bank of Chicago on Tuesday said its gauge of the national economy fell
in January from the previous nonth.
The Chicago Fed said its National Activity Index dipped to -0.74 in January from a revised +0.36 in December. Previously, the index stood at 0.04 last month.
Each of the four broad categories making up the Fed's index made negative contributions in January. The Chicago Fed said the numbers indicated little inflationary pressure over the year.
The index's three-month moving average fell to -0.29 from -0.19 in December, indicating that growth in economic activity remain below its historical trend. The Chicago Fed said the numbers indicated little inflationary pressure over the year.
Production-related indicators made a negative contribution of -0.48 to the index in January, following a positive contribution of +0.24 in December.
Total industrial production fell 0.5% in January after rising 0.5% in the previous month. Manufacturing capacity utilization decreased from 80.4% in December to 79.6% in January.