The Chicago Fed National Activity Index (CFNAI) for November 2004 was +0.12, down markedly from +0.49 in October. Three of the four broad categories of indicators that comprise the index made small positive contributions, while the employment-related category made a slight negative contribution.
The three-month moving average, CFNAI-MA3, a more consistent measure of economic growth, was nearly unchanged in November at +0.13. CFNAI-MA3 readings above zero are associated with above-trend economi
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