Midwest Manufacturing Index Hits Record High, Despite Slowing Growth
The Chicago Fed Midwest Manufacturing Index (CFMMI) reached a record high of 123.8 in September. The index increased 0.1% from August to September, following a0.9% increase in August. By comparison, the Federal Reserve Board’s industrial production index for manufacturing increased by 0.4% in September and 0.8% in August. The steel sector had the strongest performance in the Midwest index, increasing by 1.2% in September following a 1.0% increase in August. The regional resource sector also rose in September by 0.5% after having fallen 0.8% in August. The Midwest’s machinery sector recorded an 0.1% fall in September, following a 1.4% increase in August. The regional auto sector’s September output fell by 1.0% in the Midwest, having risen by a very strong 3.5% in August.