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Chicago Fed national activity index improves in February

Chicago FedA widely-followed barometer of the U.S. economy turned higher in February.

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READ MORE Chicago business barometer unexpectedly drops to 50.3 in January

The Federal Reserve bank of Chicago's national activity gauge rose to a reading of +0.34 for February from -0.02 for January, although it remained lower the 0.41 observed in December.

A more closely-tracked three-month moving average improved from +0.07 for January to a reading of +0.25 in February - its best reading since December 2014.

"The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the coming year," the Chicago Fed said.

Employment-related indicators contributed +0.21 to February's reading, up from +0.06 in the month before, whilst that from production-related ones increased from +0.04 to +0.09.

Personal consumption and housing categories contributed -0.03 to the indicator, above January's -0.11.

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