Midwest Manufacturing Output Reaches a New High in December
The Chicago Fed Midwest Manufacturing Index (CFMMI) rose 0.2% from November to December, to a level of 129.8 (1992=100); revised data show the index rose 0.3% in November. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.2% in December after rising 0.1% in November. December’s CFMMI level set a new record high for the regional index. December output in the region was 1.0% higher than a year earlier while the nation’s output was up 2.3%. For 1998 as a whole, Midwest output was 3.1% higher than in 1997, the nation’s manufacturing output increased 4.2%.