The Chicago Fed National Activity Index (CFNAI) decreased to –0.11 in February from +0.20 in January. Two of the four broad categories of indicators used to construct the index decreased from January, and three categories made negative contributions in February. The index's three-month moving average, CFNAI-MA3, increased to –0.01 in February from –0.02 in January.

The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.17 in February from –0.13 in January. Thirty-one of the 85 individual indicators made positive contributions to the CFNAI in February, while 54 made negative contributions. Thirty-one indicators improved from January to February, while 53 indicators deteriorated and one was unchanged. Of the indicators that improved, 14 made negative contributions.

• Production-related indicators contributed –0.01 to the CFNAI in February, down from +0.21 in January.
• The sales, orders, and inventories category's contribution to the CFNAI was –0.01 in February, unchanged from January.
• Employment-related indicators contributed –0.10 to the CFNAI in February, down from +0.02 in January.
• The personal consumption and housing category's contribution to the CFNAI was +0.01 in February, up from –0.02 in January.