May 23, 2011
U.S. Economic Index Drops
An index of U.S. economic activity produced by the Federal Reserve Bank of Chicago shows a drop in April, driven by production-related indicators.
The Chicago Fed National Activity Index fell to -0.45 in April from +0.32 in March. The April reading was the lowest since August 2010, and the first negative reading since December.
Indicators related to production dropped particularly far, in part because of parts shortages resulting from the Japanese earthquakes. Employment-related factors made a positive contribution to the index, but a smaller one than in March. Housing and consumption indicators remained at the same sharply negative level as a month ago.
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