Chicago Fed Index Hits Record High

The Chicago Fed Midwest Manufacturing Index (CFMMI) reached a record high, increasing 0.3 percent in April. The U.S. manufacturing sector declined 0.2 percent during April, as measured by the Federal Reserve Board’s industrial production index for manufacturing. The steel sector led the way for the Midwest, increasing by 2.8 percent from March. The auto sector fell 1.5 percent in April, due primarily to the strike at Chrysler’s Mound Road engine plant in Detroit, which resulted in the idling of part or all of seven assembly plants. The machinery sector posted a strong 0.9 percent gain, matching its national counterpart. This is the machinery sector’s sixth consecutive monthly gain. The resource sector’s output declined by 0.5 percent in the Midwest.