By Ed Frankl

U.S. economic growth fell back in January, indicating broadly subdued activity, according to a monthly index.

The Chicago Fed National Activity Index dipped to minus 0.30 in January from an upwardly revised positive reading of 0.02 in December.

Three of the four broad categories of indicators used to calculate the index declined from December to January, with the other unchanged.

The measure for personal consumption and housing declined the most on month, followed by the component for sales, orders and inventories and production-related indicators, the Chicago Fed said.

Employment-related indicators were unchanged from December, the data said, despite Labor Department figures published earlier this month showing jobs growth was strong in January.

Of the 85 individual indicators, more deteriorated month-on-month, 53, than improved, 31, the Chicago Fed said.

On a better note, despite remaining in negative territory, the headline index's three-month moving average increased to minus 0.02 in January from minus 0.14 in December, according to the data.

The CFNAI diffusion index--which captures how much the change in the monthly index is spread among the indicators over three months--also improved a little to a positive 0.03 from minus 0.09 in December.

Periods of economic expansion have historically been associated with values of the CFNAI Diffusion Index above minus 0.35.

Write to Ed Frankl at

(END) Dow Jones Newswires

02-22-24 0844ET