As confidence and sentiment measures soar to record highs post-Trump, the real economy is just not living up to expectations. The Fed's own "National Activity Index" tumbled to -0.27 in November - the lowest in 3 months (and 4th consecutive economic contraction).
CFNAI dropped to -0.27 in November as two of the four broad categories of the 85 indicators in the index decreasing in November...
Production-related and consumption-and-housing-related indicators both decreased. Employment-related indicators and sales, orders, and inventory indicators increased.
41 indicators improved from October to November as 44 declined.
A weighted basket of 85 indicators measuring four broad categories of the economy, the index is meant to provide a snapshot of national economic activity and inflation pressures. Readings at zero suggest the U.S. economy is growing at its long-run trend level while negative prints indicate below-average growth.