Despite all the exuberant 'soft' survey data, The Fed's National Activity Index dropped in January and missed expectations as 49 of the 85 subcomponents deteriorated.
The Chicago Fed national index, which draws on 85 economic indicators, was minus 0.05 in January versus 0.18 in December.
A reading below zero indicates below-trend-growth in the national economy and a sign of easing pressures on future inflation.
36 of the 85 monthly individual indicators made positive contributions, and 49 of the 85 monthly individual indicators made negative contributions.
This real activity index confirms the decline in the 'hard' data post election...