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Chicago Fed's US economic barometer shows February weakness

The Federal Reserve Bank of Chicago's measure of U.S. economic activity weakened further in February as three of the four broad categories making up the index took hits.

The Chicago Fed National Activity Index came in at negative 0.29 in February, down from an upwardly revised negative 0.25 in the previous month and falling short of Econoday's consensus estimate of a positive reading of 0.10.

A positive reading indicates above-average growth.

Production-related factors contributed negative 0.16 to the index in February, compared with an upwardly revised contribution of negative 0.29 in January. Personal consumption and housing contributed negative 0.06 in February, compared with an upwardly revised negative 0.03 in the previous month.

Employment-related indicators contributed negative 0.10 to the index in February, down from January's upwardly revised positive 0.07, while sales, orders and inventories contributed a positive 0.03 after a downwardly revised contribution of 0.01 in the prior month.

Manufacturing industrial production fell 0.4% in February, following a revised 0.5% decline in the prior month.

The index's three-month moving average dropped to negative 0.18 in February from a downwardly revised neutral reading recorded in January.