---
source: Federal Reserve Bank of Chicago
url: https://www.chicagofed.org/research/data/cfnai/current-data
document_type: html
date_retrieved: 2026-03-23
period: February 2026
parent_publication: Chicago Fed National Activity Index
indicators_covered: [Chicago Fed National Activity Index, CFNAI-MA3, CFNAI Diffusion Index]
---

# Chicago Fed National Activity Index, February 2026

## Index Suggests Economic Growth Decreased in February

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.

### Category 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.

### CFNAI, CFNAI-MA3, and CFNAI Diffusion for the Latest Six Months

| Indicator | Feb '26 | Jan '26 | Dec '25 | Nov '25 | Oct '25 | Sep '25 |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| **CFNAI (Current)** | **–0.11** | **0.20** | –0.12 | –0.13 | –0.51 | –0.31 |
| **CFNAI (Previous)** | N/A | 0.18 | –0.21 | –0.15 | –0.52 | –0.29 |
| **CFNAI-MA3 (Current)** | **–0.01** | –0.02 | –0.25 | –0.32 | –0.39 | –0.22 |
| **CFNAI Diffusion (Current)** | **–0.17** | –0.13 | –0.39 | –0.46 | –0.56 | –0.33 |

*Note: Current and Previous values reflect index values as of the March 23, 2026, release and February 23, 2026, release, respectively.*

### Background
The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. The CFNAI is based on a weighted average of 85 existing monthly indicators of national economic activity. It has an average value of zero and a standard deviation of one. Since economic activity tends toward trend growth rate over time, a positive reading corresponds to growth above trend and a negative reading corresponds to growth below trend.