The Chicago Fed National Activity Index (CFNAI) for December 2004 was +0.39, up markedly from +0.05 in November. Three of the four broad categories of indicators that comprise the index made positive contributions in December, while the employment-related category made a negative contribution.
The three-month moving average, CFNAI-MA3, increased to +0.33 in December from +0.11 the previous month. CFNAI-MA3 readings above zero are associated with above trend economic growth; accordingly, the CF
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