The Chicago Fed Survey of Economic Conditions (CFSEC) Activity Index decreased to –4 in November from +17 in October, suggesting that economic growth was near trend.

• The CFSEC Manufacturing Activity Index was unchanged at +17 in November, but the CFSEC Nonmanufacturing Activity Index decreased to -17 in November from +18 in the previous month.
• Respondents’ outlooks for the U.S. economy for the next 12 months improved, turning optimistic on balance. Twenty-six percent of respondents expected an increase in economic activity over the next 12 months.
• The pace of current hiring decreased, but respondents’ expectations for the pace of hiring over the next 12 months increased. Both hiring indexes remained negative.
• Respondents’ expectations for the pace of capital spending over the next 12 months decreased, and the capital spending expectations index remained negative.
• The labor cost pressures index decreased, as did the nonlabor cost pressures index. Both cost pressures indexes remained negative.