THE FEDERAL Reserve Bank of Chicago said yesterday that the National Activity Index, which gauges the health of the US economy, rebounded from last month, yet continues to show the economy growing at a below average pace.
The headline index compiled by the bank rose to -0.22 in September after being revised down to -0.59 in August, with the more-representative three-month moving average rising to -0.21 from -0.28.
The bank said the rebound was driven by gains in employment-related indices, which contributed 0.04 compared with -0.12 in August. However, the consumption and housing category remained firmly negative, with the category at -0.30 in September compared with -0.38 in August.
The index is a weighted average of 85 indicators of national economic activity. Overall, 39 of the indicators were positive, while 46 were negative. Fifty-seven of the indicators improved from August to September, 27 declined and two remained unchanged.