Midwest Manufacturing Output Declines Slightly in May
The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 0.1% from April to May, to a seasonally adjusted level of 130.7 (1992=100); revised data show the index rose 0.5% in April. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) increased 0.4% in May, the same rate of increase experienced in April. May output in the region was 0.7% higher than a year earlier, the smallest gain since January. The nation’s output was 2.4% higher than last year. The relatively slower growth for the Midwest follows two months where the region grew at a faster rate than the nation.