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LEADING INDICATORS OF ECONOMIC ACTIVITY <br />15.0% <br />10.0% <br />5.0% <br /><u <br />= • 0.0% <br />s <br />-5.0% <br />-10.0% <br />-15.0% <br />-20.0% <br />-25.0% <br />Leading Economic Indicators (LEI) <br />3 Month Average <br />/>,8 /1,� 8 ' 9 �O �OS �O9 �1,�1 ��, <br />S 9 ' � � � � .l <br />Source: The Conference Board <br />CM <br />CHANDLER <br />ASSET MANAGEMENT <br />Chicago Fed National Activity Index (CFNAI) <br />1.00 <br />0.75 <br />0.50 <br />0.25 <br />0.00 <br />- 0.25 <br />-0.50 <br />- 0.75 <br />-1.00 <br />✓a�✓a�✓d�✓d�✓d ✓a ✓a ✓a ✓a ✓d ✓d <br />7 ( 6 779 79 7 � O i � 0 7 � 0 7 � Z 7 Z �i� ' <br />� <br />S 9 .�' � 1 S 9 .3' � 1 S <br />Source: Federal Reserve Bank of Chicago <br />The Conference Board's Leading Economic Index (LEI) fell by 0.3% in January, erasing the slight momentum from December's 0.1% <br />increase. The LEI decreased year -over -year by -2.6%. The monthly decline was primarily driven by consumer assessments of future <br />business conditions becoming more pessimistic. The Chicago Fed National Activity Index (CFNAI) declined to -0.03 in January from an <br />upwardly revised +0.18 in December, reflecting softer reads of personal consumption and housing related indicators. The three-month <br />moving average rose to +0.03 in January from -0.13 in December, indicating slightly above -trend growth expectations for the economy. <br />17/143 <br />8 <br />