Economy
February 28, 2014
The Chicago Federal Reserve National Activity Index (CFNAI) and Steel Supply
Written by Peter Wright
The following is an abridged version of the Chicago Federal Reserve statement plus our own graphical analysis. The CFNAI is an excellent reality check for much of the economic analysis that we routinely provide in The Steel Market Update. An explanation of the Index is provided at the end of this piece.
The official statement reads as follows: “Led by declines in production-related indicators, the CFNAI decreased to –0.39 in January from –0.03 in December. Two of the four broad categories of indicators that make up the index decreased from December, and two of the four categories made negative contributions to the index in January.
