Midwest Manufacturing Output Falls Sharply in October
The Chicago Fed Midwest Manufacturing Index (CFMMI) fell 2.6% from September to October, reaching a seasonally adjusted level of 144.6 (1992=100). Revised data show the index was at 148.5 in September and declined 1.5% from August. The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) fell by 1.3% in October after decreasing 1.0% in September. October output in the region was 14.0% lower than a year earlier, while output in the nation was down 7.2%. The Midwest loss of manufacturing output from the prior year was the largest since July 1980. Manufacturing output in the region peaked in June 2000 and has declined by 15.7% since then. Factory output in the nation peaked a few months later in September 2000 and has since fallen 7.6%.