Chicago Fed Midwest Manufacturing Index Hits New High
The Chicago Fed Midwest Manufacturing Index (CFMMI) reached a record high of 123.2 in August. The index increased 0.9% from July to August, following a revised 0.6% increase in July. By comparison, the Federal Reserve Board’s industrial production index for manufacturing increased by 1.0% in August and 0.5% in July. The auto sector had the strongest performance in the Midwest index, increasing by 2.6% in August following a 0.5% decrease in July. The regional steel sector also turned in an extremely strong performance in August, rising by 2.3% after having fallen 0.5% in July. The Midwest’s machinery sector recorded an 0.8% rise in August, following a 1.7% increase in July. The resource sector’s August output fell by 0.4% in the Midwest, having risen by 1.1% in July.