Midwest Manufacturing Expanding Once More
The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 0.2% from June to July, following a 0.1% decline in June. By comparison, the Federal Reserve Board’s industrial production index for manufacturing increased by 0.1% in July and 0.3% in June. The machinery sector had the strongest performance in the Midwest index, increasing by 1.3% in July, following a 0.4% increase in June. The auto sector had the largest decline, falling 0.6% from June to July. The steel sector recorded a 0.2% rise in July, following a 1.4% decline in June, its first decline in seven months. The resource sector’s output fell by 0.2% in the Midwest, its fourth straight monthly decline.