Chicago Fed finds U.S. economic gloom deepening

US - An index tracking U.S. economic activity fell in October to its lowest level since the last recession, the Federal Reserve Bank of Chicago said on Wednesday.

The three-month moving average of the Chicago Fed's National Activity Index plunged to -1.56 in October from -1.06 in September, even as the monthly reading inched up to -1.70 last month from September's -1.78.

The latest reading on the three-month average, considered the more reliable gauge since it smooths out monthly fluctuations

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