Midwest Manufacturing Output Growth Continues With Rise in July
The Chicago Fed Midwest Manufacturing Index (CFMMI) rose by a strong 0.7% from June to July, reaching a record seasonally adjusted level of 132.1 (1992=100); revised data show the index rose 0.5% in June. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.6% in July, after rising 0.1% in June. July output in the region was 6.1% higher than a year earlier. The nation’s output in July was 4.3% higher than last year. Industrial output in July 1998 was lowered by the strike-induced shutdown at General Motors.