Manufacturing in Midwest Growing Slower than Nation
The Chicago Fed Midwest Manufacturing Index (CFMMI) decreased 0.1% from May to June, following a revised 0.4% decline in May. By comparison, the Federal Reserve Board’s industrial production index for manufacturing increased by 0.3% in both May and June. The auto sector had the strongest performance in the Midwest index, increasing by 0.5% in June, following a sharp 1.7% decline in May. The steel sector had the largest decline, falling 1.2% from May to June, its first decrease in seven months. The machinery sector rose by 0.4% in June, while the resource sector’s output fell by 0.3% in the Midwest, its third straight monthly decline.