The Chicago Fed National Activity Index rose to +0.18 in January (from -0.21 in December), signaling stronger economic activity month over month.

• The CFNAI increased to +0.18 from -0.21 MoM, with all four major indicator categories improving and two contributing positively to growth.

• The three-month moving average CFNAI MA3 improved to -0.06 from -0.29, indicating firmer short-term momentum despite remaining slightly below trend.

• The CFNAI Diffusion Index rose to -0.06 from -0.36, showing a broader share of indicators strengthening across the economy.

• 47 of 85 indicators contributed positively while 38 were negative; 57 improved and 28 deteriorated, suggesting widespread monthly improvement.

• Production indicators contributed +0.19 (from -0.03), representing the largest category gain.

• Employment indicators contributed +0.01 (from -0.11) and sales, orders, and inventories improved to -0.02 (from -0.04), indicating reduced drag from labor and demand conditions.

• Personal consumption and housing contributed 0.00 (from -0.04), shifting to neutral after previously subtracting from the index.