Midwest Manufacturing Index Continues to Hit New Highs
The Chicago Fed Midwest Manufacturing Index (CFMMI) reached a record high of 125.5 in November. The index increased 0.7% from October to November, following a strong 1.1% increase in October. By comparison, the Federal Reserve Board’s industrial production index for manufacturing (IP-MFG) also set a record high of 130.2 in November, representing a 1.0% increase in November following a 0.6% increase in October. While the regional manufacturing index experienced good growth compared with a year ago at 5.6%, the nation experienced even faster growth with the IP-MFG rising at 6.3% over the same period. This faster growth on a year-ago basis by the national manufacturing index has been evident in the past seven months of data.