Chicago Fed: US Economic Growth Revamped in October

The US economy gained momentum in October following slow growth in the last few months, according to an index compiled by the Federal Reserve Bank of Chicago released Monday.

The Chicago Fed National Activity Index rose to 0.76 in October from minus 0.18 in September, topping the 0.17 consensus forecast from economists.

The new figure follows an improvement seen in other October sentiment surveys, such as ISM and Markit’s PMI surveys, which showed economic conditions improving on the month.

COVID-19 infections dropped back at the end of Q3/start of Q4 and most economists expect the US economy to accelerate into the year’s end. Another rise in Covid-19 infections does pose a risk.