Midwest Manufacturing Output Surges to Record High in June
The Chicago Fed Midwest Manufacturing Index (CFMMI) rose by a very strong 1.2% from May to June, reaching a record seasonally-adjusted level of 131.9 (1992=100); revised data show the index fell 0.3% in May. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.1% in June, after rising 0.3% in May. June output in the region was 3.4% higher than a year earlier, the strongest gain since June 1998. The nation’s output was 3.6% higher than last year.