Midwest Manufacturing Output Falls in February
The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 1.3% from January to February, reaching a seasonally adjusted level of 162.5 (1992=100). Revised data show the index was at 164.7 in January, and had fallen 0.2% from December. February was the fifth consecutive month that the CFMMI declined. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) declined 0.4% in February after falling 0.6% in January. February output in the region was 1.2% lower than a year earlier, while output in the nation was 0.9% higher. The last time the CFMMI was lower than a year earlier was five years ago.