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Economic Activity <br />Leading Economic Indicators (LEI) <br />6.0 % <br />4.0 % <br />2.0 % - <br />o� <br />c <br />s 0.0% <br />-� -2.0% <br />O <br />2 -4.0% <br />-6.0% <br />EXIM <br />1& 1'9 19 1.9 1.9 �O <br />Source: The Conference Board <br />Chicago Fed National Activity Index (CFNAI) <br />HE <br />s <br />c -2.00 <br />0 <br />-4.00 <br />-8.00 <br />1)0 �p �p 1& l9 <br />Source: Federal Reserve Bank of Chicago <br />�oG 9 l9 �Pb�O �d`-) p �0 <br />O <br />The Conference Board's Leading Economic Index (LEI) rose 0.6% in November (following a 0.8% increase in October) but remained down 2.2% <br />year -over -year. According to the Conference Board, a decelerating pace of improvement in the LEI in recent months suggests that economic <br />growth has moderated heading into 2021. Furthermore, the Conference Board warns of potential downside risks to economic growth from a <br />second wave of the virus and high unemployment. The Chicago Fed National Activity Index (CFNAI) declined to 0.27 in Novemberfrom 1.01 in <br />October. On a 3-month moving average basis, the CFNAI declined to 0.56 in Novemberfrom 0.85 in October. The index slipped on a one month <br />and 3-month basis, but a positive index reading corresponds to above trend growth. <br />9 Qft <br />16 <br />