The Chicago Fed CFSEC Activity Index fell -2 pts to -10 in February.

• The Manufacturing Activity Index fell -6 pts to 0, and the Nonmanufacturing Activity Index fell further, down -4 pts to -13.

• Respondents’ outlooks for the U.S. economy for the next 12 months deteriorated, but remained optimistic on balance. 38% of respondents expected a decrease in economic activity over the next 12 months.
• The pace of current hiring decreased, as did respondents’ expectations for the pace of hiring over the next 12 months. Both hiring indexes remained negative.

• The labor cost pressures index decreased, as did the nonlabor cost pressures index. Both cost pressures indexes remained negative.